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IBM to buy Netezza for $1.7 billion

ARMONK, N.Y., Sept. 20 (UPI) -- U.S. technology giant IBM said Monday it had agreed to buy data support company Netezza Corp. for $1.7 billion or $27 per share.

The purchase, which is subject to shareholder approval, is expected to close by the end of the year, International Business Machines said in a statement.

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Netezza, a Massachusetts technology firm, sells hardware and software that helps companies manage data warehousing.

"The rate and pace of data is accelerating the IT (information technology) opportunity around information and analytics," IBM said.

"IBM is bringing analytics to the masses," Steve Mills, senior vice president and group executive of IBM Software and Systems, said. "Together, we have the opportunity to quickly leverage the technology."

If the purchase is approved it would be IBM's 23rd major acquisition in analytics firms, a segment that grew 14 percent for IBM in the second quarter. In total, IBM said it had invested more than $12 billion in analytics related acquisitions since 2006.

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