NEW YORK (Reuters) - IBM Corp said on Monday it would buy software and business analytics company Netezza Corp for $1.7 billion to expand beyond the computer hardware business.
Netezza's shares rose 12.8 percent to $27.75 in premarket trading after news of the deal, which values the company at $27 per share.
IBM said it expects the acquisition, which is subject to Netezza shareholder approval, to close in the fourth quarter.
Marlborough, Massachusetts-based Netezza also competes with Oracle Corp and Teradata Corp.
IBM said the deal will boost its analytics business, which helps companies reduce the time and cost of analyzing business information.
IBM said it has invested more than $12 billion in its analytics business in the past four years and employs 6,000 analytics consultants. Netezza has 500 employees globally and its clients include eHarmony Inc, Time Warner and NYSE Euronext.
The merger agreement with IBM sets a termination fee of $56 million, according to a regulatory filing.
Netezza shares closed at $24.60 in regular New York Stock Exchange trading on Friday.
(Reporting by Liana B. Baker, editing by Maureen Bavdek)
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