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IBM Buys IT Mortgage Firm

The acquired company deals with five of the top 10 lenders.
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IBM's

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buying privately held Palisades Technology Partners, a company that provides IT services and consulting to the mortgage lending industry.

Financial terms of the deal were not disclosed. The sale should be finalized by the end of the year, IBM said Friday.

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Erich Clementi, general manager, IBM managed business process services, said in a statement that the transaction will boost IBM's offerings in the financial and banking sectors. Palisades' clients include five of the top 10 lenders around the world.

"The acquisition will accelerate IBM's offerings and capabilities to deliver flexible, efficient and scaleable solutions, which reduce operational risk for clients that run complex lending processes," Clementi said.

Big Blue shares added 54 cents to $90.40 in recent trading.