(Ping! Zine) – On Monday, IBM announced that has entered into a definitive agreement to acquire Netezza. As part of the agreement, IBM will purchase the analytics company for $27 per share, valuing the company at approximately $1.7 billion.
Sources from cnet say that IBM’s senior vice president and group executive, Steve Mills has released a statement saying, “IBM is bringing analytics to the masses. Netezza strongly complements our business analytics capabilities and client base.”
Netezza will bring its client base as part of the deal which includes companies such as eHarmony, Time Warner, Estee Lauder, and Virgin Media.
Although the acquisition still requires approval by Netezza’s shareholders, IBM expects the deal to be completed by the end of this year.