Dassault Systemes SA (DASTY.PK), a French developer of 3D and Product Lifecycle Management solutions, said late Monday that it agreed to acquire technology giant International Business Machines Corp.'s (IBM) sales and client support operations encompassing Dassault's Product Lifecycle Management, or PLM, software application portfolio for approximately $600 million in cash. The deal is expected to be completed in the first half of 2010.
The purchase, which also includes customer contracts and related assets, is subject to the execution of local agreements and completion of regulatory processes and applicable labor relations requirements in various countries.
In its agreement, both companies have also defined the next steps in their long-standing relationship, and plan to establish Dassault as an IBM Global Alliance Partner and expand their services partnership, the company noted.
Dassault and Armonk, New York-based IBM expect to continue to jointly invest in developing, deploying and supporting client PLM environments, pursuant to the planned global alliance agreement, which would enable them to deliver integrated PLM solutions.
Both companies expect their existing operations, including customer service and product availability, to continue as usual until the completion of the deal. Following the deal closure and integration of the two companies' PLM operations, Dassault's PLM customers will benefit from simplified engagement and support processes for the company's market-leading PLM product portfolio.
According to Dassault, the enhanced services agreement would bring significant potential to the global marketplace with extended IBM resources and expertise to help transform client PLM environments, leveraging the DS V6 portfolio.
Commenting on the acquisition, Bernard Charlès, president and Chief Executive Officer of Dassault Systèmes, said, "The adoption and integration of PLM and 3D collaboration by a growing number of enterprises require deep industry knowledge. The planned integration of the IBM sales force and related business operations represents the largest investment in our corporate history. We are putting our customers and partners first, creating a globally efficient sales organization to bring the value of V6 PLM applications to every enterprise in every industry."
Charlès added, "Looking forward, the wide adoption of 3D lifelike experience and PLM will require the combination of direct sales, our network of partners and online communities."
Further, Tom Hawk, general manager, IBM Global Industrial Sector, said, "This transaction also helps fuel IBM's focus on PLM integration through middleware, business transformation and application services, and dynamic infrastructure."
DASTY.PK closed Monday's regular trading session at $57.50, up $0.75 or 1.32%.
IBM settled at $120.11 on Monday, down $0.25 or 0.21%, on a volume of 6.5 million shares.
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