Acquisitions: IBM to buy Softek
IBM announced plans to purchase data migration, data replication and disaster recovery software provider Softek Storage Solutions. Investcorp Technology Partners has agreed to sell its stake in Vienna, Va.-based Softek. The acquisition of Softek by IBM is anticipated to close during the first quarter of the 2007 calendar year, upon receipt of regulatory approvals and completion of other customary closing conditions. Financial terms were not disclosed. Softek's software enables a simple, unified approach when moving and managing data across storage vendor platforms and operating system environments, as part of an information technology (IT) infrastructure change. Using Softek's Nonstop Data Mobility software solutions, clients can improve their ability to migrate data while keeping data online and applications available for end users, according to a release.

Upon completion of the transaction, Softek will become part of the Storage and Data Services business unit in IBM Global Technology Services.

"Clients increasingly recognize that their digital storage needs are of utmost importance to doing business, and our industry-leading data migration offerings are trusted by the world's top companies," said Steven Murphy, president and chief executive officer of Softek. "We are excited to continue to address these client needs as part of IBM, even as we thank Investcorp and its co-investors in supporting our growth to date."