International Business Machines Corp (IBM) is selling some of its software products business to Indian software services exporter HCL Technologies in a deal worth US$1.8 billion, Reuters reports.
IBM will divest seven of its products, including its secure device management product BigFix, marketing automation product Unica and workstream collaboration product Connections, the report said, citing a company statement
The software products in scope represent a total addressable market of more than US$50 billion, according to the statement.
The transaction is expected to close by mid-2019.
“The products that we are acquiring are in large growing market areas like security, marketing and commerce which are strategic segments for HCL,” said C Vijayakumar, Chief Executive of HCL.
IBM’s transaction comes as the firm’s software sales, which have slowed down in the past, weighed on its latest quarterly revenue, the report noted.
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