Published February 17, 2015 7:12am EST | Updated May 21, 2015 1:29pm EDT

IBM To Invest More Than $1 Billion To Develop Storage Software

International Business Machines Corp. said Tuesday it will invest more than $1 billion in its storage software portfolio over the next five years. The money will be used to fund research & development into new cloud storage software, object storage and open standard technologies. Shares were slightly higher in premarket trade, but are down 2.3% in the last three months, while the Dow Jones Industrial Average has gained 2.1%.