Money Matters - Simplified

IBM buys friendly software maker

New York -- IBM is buying a Massachusetts software company for about $480 million, a report says.

The purchase of Waltham-based Unica will help IBM offer its customers tools to develop better-targeted marketing campaigns, the Wall Street Journal reported.

IBM offered Unica shareholders $21 a share, more than double Thursday's closing price on the Nasdaq stock market and the highest level the stock has ever sold for, the report said.

Unica, was founded in 1992 and sells software that automates and develops ad campaigns. IBM already is a business partner with Unica and shares clients such as Nordstrom and Best Buy, the newspaper said.

Copyright 2010 United Press International, Inc. (UPI).

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