UPDATE: IBM Agrees To Buy Marketing-Software Co Unica For $480 Million
13 Août 2010 - 8:22PM
Dow Jones News
International Business Machines Corp. (IBM) agreed Friday to
acquire marketing software company Unica Corp. (UNCA) for about
$480 million, a move the technology giant says will help customers
create better-targeted marketing campaigns.
IBM Industry Solutions General Manager Craig Hayward said IBM
has been looking to expand its marketing offerings and identified
Unica as the best option, offering $21 a share to Unica holders.
That price is more than double Thursday's closing price and the
highest level the stock has ever seen. IBM shares were down
slightly, 0.4% to $127.78, in midday trading.
IBM's focus has been shifting to higher-margin software business
to keep profit growing, and this deal is the latest in a rash of
software company acquisitions over the past five years, totaling
more than $11 billion. The company this month also purchased data
management company Datacap and finalized its acquisition of
analytics software firm Coremetrics.
IBM already uses Unica's services and shares a number of
clients, including Nordstrom Inc. (JWN) and Best Buy Co. (BBY),
Hayward said, adding that Unica's ability to provide both Web
analytics and marketing software as a package service fit well in
IBM's strategy.
"There was one clear leader in the space, and it was Unica," he
said.
Despite growing its software margins, Big Blue last month
reported difficulty expanding its sales in the second quarter,
citing currency pressures and an unexpected drop in contract
signings. The Unica deal, set to close in the fourth quarter, means
IBM can offer a more complete product to its marketing clients than
before, Standard & Poors Equity analyst Tom Smith said.
"It's a one-stop shopping total solutions strategy," he said.
"They want to offer customers everything, so they can come in and
do it top to bottom."
Gleacher analyst Brian Marshall saw the move as part of a larger
push to create a business intelligence product superior to IBM's
competitors. He said that while there are many services the company
offers, "intelligence binds them all together."
Unica's 500 employees will be integrated into IBM's software
division, which includes 5,000 consultants and a network of
analytics centers.
Hayward said Unica's chief executive and founder, Yuchun Lee,
will remain and become the segment's business leader once the deal
is finalized.
Unica has more than 1,500 global customers across a wide range
of industries including financial, retail communications and
hospital. The company has swung to the black in each of the past
three quarters as revenue has been rising of late.
-By Adam Cancryn, Dow Jones Newswires; 212-416-3261;
adam.cancryn@dowjones.com
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