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Retek Soars on Expansion of Alliance With IBM
Updated from 12:36 p.m. EDT
Shares of Retek (RETK Quote), a maker of software for the retail sales industry, surged more than 20% Thursday after IBM (IBM Quote) said it would take an undisclosed equity stake in the company.
The companies said they would expand an alliance begun in March to include jointly marketing a package of hardware and software intended to facilitate electronic commerce by retailers. The companies hope to generate total revenue of more than $1 billion from the alliance by 2003.
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