IBM Buys Cleversafe To Improve Cloud Storage Offerings

IBM Corp. agreed to buy privately-held data storage company Cleversafe Inc., along with its 350 patents and 200 employees, on Monday to improve storage capabilities for clients. IBM plans to integrate Cleversafe within its own IBM Cloud business as it transitions to an infrastructure-as-a-service business, which will enable it to sell hybrid solutions, a mix of both traditional and cloud storage, to clients to better manage their structured and unstructured data. Financial terms of the deal, expected to close later this year following regulatory clearance, were not disclosed. Shares of IBM were up 1.8% to $147.20 in recent trade. They are down 10.8% over the last three months, versus a 6% decline for the Dow Jones Industrial Average.