In a press release, IBM (NYSE:IBM) announced it has entered into an agreement to purchase the software portfolio of Star Analytics, a privately held company based in Redwood City, Calif.

IBM says Star Analytics' software will allow IBM customers to gain faster access and real-time insight into multiple data sources. It is expected that Star Analytic's software solutions will broaden IBM's existing analytics and big data solutions. According to Leslie Rechan, general manager of IBM Analytics, "IBM sees an enormous opportunity for our clients to apply Star Analytics to the information they have stored in their financial applications."

The software portfolio acquisition is subject to usual closing conditions being met, and is expected to be completed in the first quarter of this year. Financial terms of the deal were not disclosed.