IBM Corp. (NYSE: IBM) announced Monday that it will acquire Netezza for approximately US$1.7 billion in cash in an effort to expand its business analytics offerings.
Netezza’s high-performance analytics capabilities, offered through a data warehousing appliance, is designed to be set up quickly to help users gain faster insights into their business information, IBM said.
“IBM is bringing analytics to the masses,” said Steve Mills, senior vice-president and group executive, IBM Software and Systems, in a statement. “We continue to evolve our capabilities for systems integration, bringing together optimized hardware and software, in response to increasing demand for technology that delivers true business value.”
The acquisition is subject to Netezza shareholder approval and regulatory clearances, and is expected to close in the fourth quarter, IBM said.