IBM announced its plans to acquire SPSS for $1.2 billion in cash. IBM is paying a 42 percent premium to SPSS’ Monday closing price of $35.09 a share.
Chicago based SPSS is a worldwide provider of predictive analytics software and solutions. The company provides solutions to help businesses stay competitive.
SPSS was founded in 1968. It has over 1,200 employees.
“With this acquisition, we are extending our capabilities around a new level of analytics that not only provides clients with greater insight — but true foresight,” said Ambuj Goyal, IBM’s general manager of information management.
The deal is expected to close by the end of the year.