Informatica to buy identity resolution software maker for $85 million |
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By Jeff Kelly, News Editor
18 Apr 2008 | SearchDataManagement.com |
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Informatica Corp. has agreed to buy Identity Systems Inc., a Nokia Corp. subsidiary specializing in identity resolution software, for $85 million.
Identity Systems' technology will allow Informatica customers to search multiple types of data in real time to match and resolve identity discrepancies, the company said in a statement.
"The combination of Identity Systems and Informatica will offer the most advanced data quality products," said Sohaib Abbasi, Informatica's chairman and CEO.
The announcement came as Informatica released its first-quarter earnings. The Redwood City, Calif.-based data integration vendor reported revenues of $103.7 million, up 19% from the same period last year. Informatica shares were up 2.41%, to $16.56, as of 10 a.m. EST today.
With headquarters in Old Greenwich, Conn., Identity Systems was acquired by Nokia in 2006 and has more than 500 customers, including GE Capital, British Telecom and AT&T.
The all-cash deal is expected to close at the end of May 2008.
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