IBM to acquire Waltham company
Technology giant IBM said yesterday that it has agreed to buy Q1 Labs, a Waltham provider of security intelligence software, for an undisclosed amount.
International Business Machines Corp. has made a habit of buying local companies. Last year alone, IBM made four Massachusetts acquisitions, including a $1.7 billion deal for Netezza Corp. , a Marlborough data analysis firm. In 1995, IBM bought Lotus Development Corp. of Cambridge. By IBM’s count, the Q1 Labs deal will be IBM’s 19th acquisition of a Massachusetts company since 2003.
In a press release, IBM said that its plan to buy privately held Q1 labs will accelerate its efforts to efforts to offer corporate clients more options to protect their IT systems from security breaches and other threats.
Following the close of the acquisition, Q1 Labs will join the newly formed IBM Security Systems division. Plans call for the new division to be led by Brendan Hannigan, chief executive of Q1 Labs.
Q1 Labs will join the more than 10 security acquisitions that IBM has made in the last decade, the Armonk, N.Y., company said.
The acquisition is expected to close in the fourth quarter, IBM said.