IBM said Tuesday that it agreed to acquire Coremetrics, a privately held developer of business analytics software. Financial terms of the deal were not disclosed.
The buyout is IBM's latest move in a campaign to bolster its presence in the market for software that helps businesses extract meaningful information from raw data.
Coremetrics' offerings include tools that give managers real-time insights into sales trends, customer interactions, Website traffic and other business metrics.
"With this acquisition, we are extending our capabilities to give clients greater insight about customer behavior and sentiment about products and services, giving a true insight into their future buying patterns," said Craig Hayman, general manager for IBM's Websphere group, in a statement.
"Marketing departments can benefit from these capabilities very quickly because we are delivering this in a Software-as-a-Service Model. The combination of IBM and Coremetrics will maximize marketing expenditures and also make the buying experience more convenient, personal, and interactive for consumers," said Hayman.
San Mateo-Calif.-based Coremetrics' customers include Bank of America, Victoria's Secret, Virgin Atlantic, and Office Depot. IBM said it plans to add the company's 230 employees to its own operations.
Coremetrics officials said the transaction will help broaden their products' depth and reach.
"The combination of Coremetrics and IBM will deliver deeper business insights to address the real challenges and opportunities all companies face in an increasingly digital world," said Coremetrics CEO Joe Davis, in a statement.
IBM's software group has now acquired more than 55 companies under the watch of Sam Palmisano, who became Big Blue's CEO in 2003.
The deal, which is expected to be complete in the third quarter, remains subject to closing conditions. IBM shares were up .62%, to $129.30, in midday trading Tuesday.