IBM to Buy FileNet for $1.6BBy CIOinsight | Posted 08-10-2006
IBM on Thursday said it plans to acquire FileNet, a document management and business process management software vendor, in an all-cash deal valued at $1.6 billion--IBM's 20th acquisition since February around its "information on demand" strategy.
FileNet, based in Costa Mesa, Calif., had $421.8 million in revenues for 2005, up 6% compared with the prior year. The company, founded in 1982, has 1,695 employees. FileNet claims to have more than 4,300 customers.
The acquisition, which the companies expect to close in the fourth quarter of 2006, is subject to approval by FileNet shareholders as well as regulatory bodies.
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