With the purchase, IBM intends to expand its business analytics capabilities with Coremetrics’ cloud-based delivery platform, which enables companies to gain real-time insight into consumer interactions internally through social and other online media networks to increase the performance of their marketing campaigns.
Financial terms were not disclosed.
Coremetrics enables companies to set up more effective marketing campaigns by providing real-time intelligence on what consumers are saying about products and services being offered to them, and allows clients to make fact-based decisions on marketing expenditures.
Coremetrics was funded by Accel Partners, FTV Capital, Highland Capital Partners and W Capital Partners.
Marketers use Coremetrics’ solutions to gain deeper insight about their consumers and present personalized recommendations, promotions and other sales incentives across a variety of channels, including on ecommerce sites and through social networking services, where consumers can interact with their brand.
Coremetrics is said to currently provide web analytics capabilities to more than 2,100 global brands across a wide range of industries including retail, financial services, media and publishing, travel and education. Customers include Bank of America, Holiday Inn, 1-800 Flowers, Office Depot and Victoria’s Secret.
IBM says Coremetrics software complements its existing software and services portfolio of offerings from WebSphere, information management and business analytics and optimization.
Upon closing, the company will become part of IBM’s application and integration middleware portfolio. The new owner will continue to support Coremetrics’ technologies and clients and has agreed to integrate Coremetrics’ approximately 230 employees into Big Blue.
The deal is expected to close in the third quarter of 2010, subject to customary closing conditions. If the deal goes through, this will be IBM’s latest acquisition in a series of at least 55 since 2003. Just yesterday, the company was rumored to be in late-stage negotiations to purchase real-time data compression startup Storwize for a reported $140 million.