IBM Buys Database Software Firm

Privately owned Solid Information Technology is expected to have sales of $14.4 million in 2007.

HELSINKI (Reuters)—International Business Machines Corp said on Friday it has agreed to buy in-memory database software provider Solid Information Technology from private owners for an undisclosed sum.

Solids largest owners were private equity firms Apax Partners APAX.UL and CapMan.

Solid is expected to have 2007 sales of around $14.4 million, Vesa Wallden, a member of Solid board told Reuters.

IBM said the acquisition is expected to be closed in the first quarter of 2008.

"IBMs acquisition of Solid Information Technology supports the companys growth strategy and capital allocation model, and it is expected to contribute to the achievement of the companys objective for earnings-per-share growth through 2010," IBM said in a statement.

(Reporting by Tarmo Virki and Sakari Suoninen; Editing by Paul Bolding)