IBM to buy Corio for US$182 million

IBM to buy Corio for US$182 million

IBM will acquire Corio, a provider of software-management services and software for businesses, in a cash deal worth US$182 million, IBM announced Tuesday.

The move for Corio, based in San Carlos, California, 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, based in Armonk, New York.

Under the terms of the acquisition, Corio's chief executive officer, 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.

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