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[techguru]

US based tech giants IBM has confirmed that they are acquiring MRO Software Inc. The deal is worth around $740 million and it would be conducted in a cash only transaction.

IBM is expanding on its profitable software business with this latest acquisition. IBM said that they are going to pay $25.80 per share for MRO, which is around a 19% premium over the price of the company’s share in the market.

MRO is based in Bedford, Massachusetts and they specializes in providing software and consulting to help companies buy, maintain and retire assets such as production equipment, facilities, transportation and information technology hardware and software.

IBM added that they expect this deal to be complete in the forth quarter of the current year. However, they would require approval from regulatory bodies and shareholders.