IBM has agreed to buy business intelligence and performance management software maker Cognos for $5 billion.

Ottawa based Cognos has 3,500 employees and serves more than 23,000 customers in over 135 countries. The acquisition follows SAP’s acquisition of Cognos competitor Business Objects for €4.8 billion October 7. FT.com has more.

Microsoft has announced that it has entered into an exclusivity agreement “around its intention to acquire Musiwave SA, an Openwave company and a leading provider of mobile music entertainment services to operators and media companies.”

Microsoft will use Musiwave’s relationships with music labels to deliver improved content choice to a variety of Microsoft products, including Windows Mobile, Zune, MSN and Windows Live.

Terms of the acquisition were not disclosed.