HOUSTON (AP) — IBM Corp. is buying business software maker Lombardi Software Inc. from a private equity group for an undisclosed sum.
Austin, Texas-based Lombardi helps organizations automate and integrate business processes to increase efficiencies and reduce costs. IBM said the deal fills out its portfolio in the key market of business process management software, which analysts have estimated will total $3 billion by 2013.
SMH Private Equity Group said Thursday that this is its third major investment exit in the past 12 months following the sale of Wayport Inc. to AT&T and New England Pantry to 7-Eleven Inc.
SMH Private Equity Group is a division of Sanders Morris Harris Group.