IBM is buying analytics software and solutions provider SPSS in an all cash transaction at a price of $50/share - a 42 percent premium to Monday's closing price of $35.09 on Nasdaq - resulting in a total cash consideration in the merger of approximately $1.2 billion. The acquisition is subject to SPSS shareholder approval, regulatory clearances and other closing conditions, and is expected to close later in the second half of 2009.
Big Blue said the acquisition of the publicly-held Chicago company was expected to strengthen its information-agenda initiative, which helps companies take information and turn it into a strategic asset. IBM shares fell 67 cent to $116.96 in pre-market trading, while SPSS shares jumped 41 percent to $49.59. A message from SPSS Chairman, CEO & President Jack Noonan: We and IBM view this as a highly-complementary move from both a technology and a market position perspective
In joining with IBM, we will advance Predictive Analytics as a competitive advantage for companies and organizations worldwide. We see this as a transformative event that will accelerate the adoption of Predictive Analytics. Between now and the acquisition close, we will continue to support our customers and partners in normal fashion. Existing contracts will remain in effect, account relationships and support infrastructure will remain unchanged.
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