Updated from 12:48 p.m. EDT

IBM ( IBM) is looking to boost its revenues by diving into water management services, according to media reports.

A new water management business, which is part of the company's "Big Green Innovations" effort, is about to be launched, says the Wall Street Journal. The unit will design and install sensors and software to monitor water pipes, reservoirs, rivers and harbors, underlining IBM's strategy to turn environmental issues into profit.

The company already touts its blade server technology, for example, as a way for users to reduce data center space and power consumption, and is working with the utility sector to develop "smart" energy grids.

IBM's services businesses accounted for $58.9 billion of the firm's total revenue of $103.6 billion in fiscal 2008. The firm's Global Technology Services segment brought in $39.3 billion, an increase of 9% on the prior year. Global Business Services accounted for $19.6 billion of the firm's revenue, also up 9% on 2007.

The Armonk, New York-based company, which competes with Hewlett-Packard ( HPQ), Dell ( DELL) and Microsoft ( MSFT), expects that the water-management services market could be worth as much as $20 billion in five years, according to media reports.

IBM's shares were down 0.02%, to $90.38 in recent trading, as the Nasdaq rose 0.17%.

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