After first announcing its intention to acquire Ireland-based big data solutions provider The Now Factory a mere four weeks ago, IBM (NYSE:IBM) issued a statement today confirming it has completed the deal. Initially, IBM expected the transaction to close in Q4 of this year.
The Now Factory has been folded into IBM's Software Group, a business unit that generated $5.8 billion of IBM's total $23.7 billion in its recently completed third quarter.
The acquisition will expand IBM's products and solutions in the fast-growing big data and analytics marketplace, according to its statement. IBM added that the deal also provides revenue opportunities in the mobile sector as potential customers continue to glean, and figure out how to utilize, large amounts of user data.
Bob Picciano, IBM general manager for information management, software group, commented, "IBM sees an enormous opportunity for telecommunications providers to apply The Now Factory's software to better understand their customers in this highly competitive industry."
The Now Factory mark's the seventh acquisition made by IBM this year.