IBM acquires web analytics software provider Coremetrics
Armonk, N.Y. IBM on Tuesday announced a definitive agreement to acquire Coremetrics, a leader in web analytics software.
Coremetrics, a privately held company based in San Mateo, Calif., will expand IBM's business analytics capabilities by enabling organizations to use a cloud-based delivery model to gain real-time insight into consumer interactions internally and through social media networks to develop faster, more targeted marketing campaigns. The financial terms of the deal were not disclosed.
"With this acquisition, we are extending our capabilities to give clients greater insight about customer behavior and sentiment about products and services, and give true foresight into their future buying patterns," said Craig Hayman, general manager, IBM WebSphere. "Marketing departments can benefit from these capabilities very quickly because we are delivering this in a Software-as-a-Service model. The combination of IBM and Coremetrics will maximize marketing expenditures and also make the buying experience more convenient, personal and interactive for consumers."
Consistent with IBM's software strategy, IBM will continue to support and enhance Coremetrics' technologies and clients while allowing them to take advantage of the broader IBM portfolio. Coremetrics' approximately 230 employees will be integrated into IBM. The deal is expected to close in third quarter 2010, subject to regulatory approvals and the satisfaction of other customary closing conditions.
IBM's acquisition of Coremetrics extends the company's analytics strategy, that includes a range of offerings available through IBM's Business Analytics and Optimization Consulting organization which includes a team of 5,000 consultants, a network of analytics solution centers, and is backed by an overall investment of more than $11 billion in acquisitions in the last five years.
The IBM Software Group has acquired more than 55 companies since 2003.