IBM to buy Canada's Cognos for $5 billion

International Business Machines Corp. on Monday said it will acquire business-software developer Cognos Inc. for $5 billion in cash, a move aimed at keeping up with rivals in the increasingly attractive field of business intelligence.

Under the agreement, IBM will pay $58 for each share of Cognos, an Ottawa-based software company whose products help businesses to manage their information flow and gauge their performance.

The offer represents a 9.5% premium over the Friday closing price of Cognos, whose U.S.-listed shares finished at $52.98. Shortly after the Wall Street open, Cognos shares were up 7.7% to $57.07.

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- Posted: 2007-11-12 09:43:27

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