IBM to Acquire Texas Memory Systems
International Business Machines Corp. (NYSE: IBM) has announced that it will acquire Texas Memory Systems, a privately held company that focuses on high-performance Flash storage. IBM said the Houston-based company's products will boost its approach to information technology.
Texas Memory Systems (TMS) employs about 100 and offers Flash-based rack systems and interconnect cards. The products are designed to help companies improve performance and reduce server sprawl, power consumption and floor space requirements. IBM said it will invest in and support the TMS product portfolio - particularly its RamSam line of systems and PCIe cards - but over time will look to integrate the Flash technologies into its own hardware, such as Smarter Storage and its latest PureSystems.
TMS said in December that it was looking to be acquired by a larger company so it could sell more of its products to corporate customers.
Financial terms of the deal were not disclosed. The deal is expected to close later in 2012.
Shares of IBM are trading up fractionally at $198.95 in early trading. The 52-week trading range is $157.13 to $210.69. Thomson Reuters had a consensus analyst price target of $213.50 before this news.
Filed under: 24/7 Wall St. Wire, Mergers & Acquisitions, Technology Companies Tagged: IBM