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IBM buys Cognos for $5bn
Denies copying SAP, Oracle
IBM has denied it's a copycat after it joined Oracle and SAP with its own business intelligence software buy. Today it announced plans to buy Canadian outfit Cognos for $5bn cash.
Cognos was already a close IBM partner. Steve Mills, head of IBM's software group rebuffed suggestions the buy is a direct response to SAP and Oracle's moves in business intelligence. He told AP: "We never do acquisitions on defensive moves or based on what others are doing."
The deal values Cognos at $58 per share, a nine per cent premium on Friday's closing price. It's expected to complete in the first quarter of next year, with Cognos set to be integrated in IBM's information management software division.
Cognos has about 4,000 employees and 25,000 customers worldwide. The official statement is here. ®