IBM Buys Coremetrics
In a bid to expand its online business analytics, IBM announced on Tuesday its plans to acquire Coremetrics, a leader in web analytics.
Coremetrics, a privately held company based in San Mateo, California, will help IBM in gaining the ability to help businesses rapidly gain intelligence into social networks as well as online media sources through a cloud-based delivery model. They, in turn, will incorporate this insight into their business processes to create smarter, more effective marketing campaigns.
Today, Coremetrics delivers web analytics capabilities to more than 2,100 global brands across a wide range of industries including but not limited to retail, financial services, travel and hospitality and education. Some notable Customers include Bank of America, Holiday Inn, PETCO, Office Depot, Victoria’s Secret, and Virgin Atlantic Airways.
IBM’s senior vice president and software group executive Steve Mils explained how a joint company could better address the needs of customers who are increasingly looking to increase their online sales and marketing: “Banking, travel and transportation… these aren’t traditional retail but people these days do all those things online,We think we can make it a much bigger business as part of IBM.”
The deal is said to close in the 3rd quarter of 2010.