IBM (NYSE:IBM) has decided to go the acquisition route in order to fatten its asset list. The company announced that it has signed a definitive agreement to purchase privately held Fiberlink Communications. The terms of the deal were not made public.
Fiberlink Communications specializes in mobile management and security. IBM said that with its acquisition, it "will expand its bring your own device (BYOD) capabilities to deliver a complete mobile management and security solution through IBM MobileFirst that includes trusted transactions and security intelligence capabilities for mobile apps, users, content, and data."
MobileFirst is the company's suite of solutions and services centered on portable devices. IBM launched it this past February.
At the end of its most recently reported quarter, the IT giant had just over $10 billion in cash, and nearly $28.5 billion in long-term debt.
IBM's stock rose 0.3%, or $0.48, in the wake of the news to close the day at $183.55.
Fool contributor Eric Volkman has no position in IBM. The Motley Fool owns shares of IBM. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.