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.
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[BRIEFING.COM] The stock market capped the trading week with losses across the major averages. The S&P 500 fell 0.5% to surrender its weekly gain, while the Dow Jones Industrial Average (-0.7%) and Russell 2000 (-0.9%) underperformed. The two indices posted respective losses of 0.8% and 0.6% for the week.
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