IBM Tuesday announced it will acquire Corio, a provider of software-management services and software for businesses, in a cash deal worth $182 million.
IBM Tuesday announced it will acquire Corio, a provider of software-management services and software for businesses, in a cash deal worth $182 million.
The move for Corio, in San Carlos, Calif., is aimed at strengthening IBM’s application services portfolio, IBM said.
Corio offers infrastructure, applications management and professional services along with its iSrvce technology resource management software and its Applications on Demand operational software suite.
The deal, which is subject to standard regulatory and Corio stockholder approvals, is expected to close within 60 days, said IBM, in Armonk, N.Y.
Under the terms of the acquisition, Corio’s CEO, George Kadifa, will continue to manage Corio while undertaking additional responsibility for IBM’s application services initiative. Corio employees will become IBM employees, the company said.
Representative from IBM and Corio could not immediately be reached for comment.
