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IBM Acquires Corio for $182 Million.
2005-01-25, HostMan.biz IBM (ibm.com) has entered into a definitive agreement to acquire application management provider Corio (corio.com) for $182 million in cash, the companies announced on Tuesday. Corio provides a variety of infrastructure, software, application management and professional services. Its on demand application platform helps enterprises deliver software as a service. IBM said the acquisition of Corio complements its strategy of offering more technology-based services to help customers automate manual IT tasks, and strengthens its overall application services portfolio. The acquisition also enhances IBM’s application services capabilities for clients using business software from Ariba, Concur, E.piphany, Oracle, PeopleSoft, SAP and Siebel, the company said. "Clients of all sizes are searching for ways to drive greater efficiency in their business performance, and application management is often a critical factor," says Jim Corgel, general manager of small and mid-sized business at IBM Global Services. "This acquisition is good for clients because it helps give them faster implementation, increased ease of use and variable cost hosting solutions for many of the industry's leading business software applications." George Kadifa, chief executive officer of Corio, will continue to manage Corio and is set to undertake additional responsibilities for IBM's application services initiative. Corio employees will now become IBM employees. "By combining Corio's Applications on Demand platform with IBM's global reach and deep application hosting capabilities, we have created an unmatched combination to increase our already high level of client service," says Kadifa. "We look forward to integrating and growing with IBM, to provide clients with the best application management services in the industry." The acquisition, subject to regulatory and stockholder approval, is expected to close in two months. |
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