IBM (IBM) - Get International Business Machines Corporation Report said Tuesday that it was buying Waeg, a Salesforce (CRM) - Get Salesforce Inc. Report consulting partner in Europe.
Terms weren't disclosed.
The purchase of the Brussels company will extend IBM’s Salesforce services and boost its hybrid-cloud and artificial intelligence strategy, IBM said.
“The acquisition builds on IBM's continued investment in Salesforce consulting services to meet the rising client demand for experience-led business transformation and new customer engagement strategies backed by data, AI and machine learning,” IBM said.
IBM recently traded at $144.25, down 0.6%. The stocks has jumped 20% over the past three months as its financial performance has improved.
Salesforce recently traded at $216.30, up 0.6%. It has fallen 13% in the past three months amid intense competition in the business-software space.
As for the IBM-Salesforce tieup, "Salesforce continues to play a critical role in companies’ digital transformations, as they adapt to the conditions created by the pandemic,” Mark Foster, senior vice president for IBM services and global business services, said in a statement.
"Waeg's strength in Salesforce consulting services will be key to creating intelligent workflows that allow our clients to keep pace with changing customer and employee needs and expectations."
Last month, IBM reported first-quarter results that topped analyst estimates. It posted adjusted earnings of $1.77 a share on revenue of $17.7 billion.
Earlier this month, IBM said it has developed a microchip with 2-nanometer transistors, a move that could lead to better-performing phones and computers.