ARMONK, N.Y., Aug. 27 (UPI) -- IBM said Monday it had agreed to buy Wayne, Pa., human resources software firm Kenexa Corp. for $1.3 billion or $46 per share.
The acquisition "brings a unique combination of Cloud-based technology and consulting services that integrate both people and processes," IBM said in a statement.
Kenexa is a social network that helps companies recruit workers. The acquisition "bolsters IBM's leadership in helping clients embrace social business capabilities, while gaining actionable insights form the enormous streams of information generated from social networks every day," the statement said.
"Every company, across every business operation, is looking to tap into the power of social networking to transform the way they work, collaborate and out innovate their competitors," said Alistair Rennie, IBM's general manager for social business.
"The customer is the big winner in all this because the combination of our two organizations will deliver more business outcomes than ever before," said Kenexa Chief Executive Officer Rudy Karsan.
IBM also gains access to data related to Kenexa's 8,900 customers, which include business giants in financial services, pharmaceuticals and retail, including half of the Fortune 500 firms.