IBM makes $1.7B bid for Netezza
Big Blue joins the acquisitions game with a $27-per-share offer for data-management shop Netezza.
By Scott Moritz, TheStreet
The move comes after what has been an active month of deal talks in the wake of the 3Par (PAR) bidding war sparked by Hewlett-Packard (HPQ) and Dell (DELL). Netezza shares have risen 62% in less than a month on speculation that it was being eyed as an acquisition target by one of the tech giants.
According to the company's website, Netezza's appliances help companies sort through extensive amounts of complex analytics, allowing employees to make data-driven decisions. The company counts Neiman Marcus, Sherwin-Williams (SHW) and Virgin Media (VMED) among its clients.
"IBM is bringing analytics to the masses," Steve Mills, IBM's software and systems senior vice president, said in a press release. "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 announcement of the Netezza-IBM deal at first cooled the excitement around Radware (RDWR), which was thought to be in the sights of either IBM or HP. By midday Monday, Radware shares were rising 3% and Netezza shares were surging 12.4% to $27.65.
Copyright © 2013 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
[BRIEFING.COM] S&P futures vs fair value: -3.60. Nasdaq futures vs fair value: -1.00. The S&P 500 futures trade lower by 0.1%.
The latest weekly initial jobless claims count totaled 368,000, which was higher than the 315,000 that had been expected by the Briefing.com consensus. Today's tally was above the revised prior week count of 300,000. As for continuing claims, they rose to 2.791 million from 2.751 million.
November retail sales ticked up 0.7% while the ... More
More Market News
|There’s a problem getting this information right now. Please try again later.|
LATEST MARKET DISPATCHES
- No more Dispatches; here's where to find market news
The Market Dispatches column has been discontinued. Here's where to find the latest stock and business news on MSN Money, and the latest from market writer Charley Blaine.
- Dow falls 59 as late-day gloom kills a rally
- Stocks held back by fiscal-cliff worries
- Stocks suffer worst weekly loss in 5 months
- Dow off 121 as post-election swoon continues
- Dow slumps 313 after Obama's re-election
- Dow jumps 133 as Americans head to the polls
The stock fell Wednesday with the news that the company missed on both earnings and revenue in its most recent quarter.