Nuvo Acquires IBM Testing Unit
Posted on: Wednesday, 12 April 2006, 21:00 CDT
Remote management and infrastructure security services company Nuvo Network Management Inc will acquire IBM Corp's security standards testing unit as part of a partnership deal between the two companies.
Under the terms of the agreement, IBM will gain a $680,000 common share equity stake in Ottawa, Canada-based Nuvo, in exchange for its third-party standards testing operation. Nuvo has also agreed to provide managed services as part of IBM Canada's mid-market outsourcing services program, which covers companies with annual revenues of between CAD 50m ($43.7m) and CAD 1bn ($873.2m).
The agreement expands the existing partnership between Nuvo and IBM, under which IBM resells Nuvo's remote management service offerings throughout Canada, the US, Mexico, and Europe.
Following the announcement of the deal, shares in Nuvo soared 30% in morning trading on the Toronto venture exchange, hitting CAD 0.68.
Source: Datamonitor
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