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HCL Technologies Acquires IBM Software Products for $1.8 Billion

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12/06/2018 | 06:13pm EDT

By Patrick Thomas

HCL Technologies Ltd. is acquiring some of International Business Machines Corp. (IBM) software products for $1.8 billion, the companies said Thursday.

The deal, which is expected to close by the middle of 2019, includes IBM's Appscan, Unica, Notes and Domino products. HCL, a global technology company based in India, said the software products involved represent a total addressable market of more than $50 billion.

"The products that we are acquiring are in large growing market areas like security, marketing and commerce which are strategic segments for HCL," HCL Chief Executive C Vijayakumar said in prepared remarks.

IBM said over the last four years it has been prioritizing investments to develop its artifical intelligence, hybrid cloud and cybersecurity businesses, and trimming some of its other products that don't fit that mold.

"We believe the time is right to divest these select collaboration, marketing and commerce software assets, which are increasingly delivered as stand-alone products," said John Kelly, IBM senior vice president of cognitive solutions and research, in prepared remarks.

Write to Patrick Thomas at patrick.thomas@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
HCL TECHNOLOGIES LIMITED 0.22% 1095.5 End-of-day quote.13.60%
INTERNATIONAL BUSINESS MACHINES CORPORATION -1.33% 132.345 Delayed Quote.17.96%
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