IBM to Acquire Closely Held Tririga for Real Estate Software
March 22, 2011, 4:23 PM EDTBy Katie Hoffmann
(Closes share price in the last paragraph.)
March 22 (Bloomberg) -- International Business Machines Corp., the world’s largest computer-services provider, agreed to acquire Tririga Inc., gaining software that manages real estate holdings.
Tririga’s programs help manage buildings, strategizing space usage, monitoring utility costs and estimating construction expense, Armonk, New York-based IBM said today in a statement. The financial terms weren’t disclosed. Tririga, which is closely held, is based in Las Vegas and has about 200 employees worldwide, according to the statement.
IBM expects that projects making buildings, hospitals and highways more efficient -- an initiative IBM calls Smarter Planet -- will be a $10 billion business for the company by 2015. IBM plans to make $20 billion in acquisitions through 2015, buoying that program as well as other growth areas, such as analytics, company officials have told investors.
The agreement ends IBM’s longest acquisition drought since 2003. The company last announced a deal in October. If it lasted another week, the period without an announcement would have been the longest since Sam Palmisano became chief executive officer in 2002. He is also chairman and president.
IBM rose 32 cents to $158 at 4 p.m. in New York Stock Exchange composite trading. The shares have climbed 23 percent in the past year.
--Editors: Jeffrey Tannenbaum, Romaine Bostick
To contact the reporter on this story: Katie Hoffmann in New York at khoffmann4@bloomberg.net
To contact the editor responsible for this story: Peter Elstrom at pelstrom@bloomberg.net.
