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IBM agrees to buy enterprise software company FileNet

Published on .

Armonk, N.Y.—IBM Corp. announced Thursday that is has agreed to acquire FileNet Corp., a Costa Mesa, Calif.-based business process and content management software company, in an all-cash transaction valued at about $1.60 billion, or $35 per share.

The deal is subject to FileNet shareholder approval and regulatory review, and is expected to close in the fourth quarter.

IBM said the acquisition is in line with its strategy to build its information-on-demand capabilities. It intends to combine FileNet's operations with its content management business in the Information Management unit.

—Carol Krol

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