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IBM Completes the Acquisition of Palisades Technology Partners


ARMONK, NY - 10 Nov 2006: IBM (NYSE: IBM) today announced that it has completed its acquisition of Palisades Technology Partners, a privately held company based in Englewood Cliffs, NJ.

The acquisition builds upon IBM's ongoing strategy to leverage business consulting, IT services and software to develop integrated, replicable solutions that help clients optimize and transform their businesses. It will also enable IBM to deliver enhanced solutions to its clients in the finance and banking sectors. IBM had announced a definitive agreement to acquire Palisades Technology Partners on October 20th.

 Now that the acquisition is complete, IBM will:

Palisades Technology Partners' staff of business and technology experts provides strategic consulting, systems integration, and a comprehensive web-based multi-channel lending platform, which supports the entire lending lifecycle from point-of-sale, through post closing. The firm's clients include five of the world's top ten lenders. Palisades Technology Partners has been recognized as a Top 100 Technology Vendor by Mortgage Technology Magazine.

About IBM

For more about IBM, please visit www.ibm.com

About Palisades Technology Partners

Palisades Technology Partners' management (www.ptpusa.com) has been building mission-critical systems for the industry's top mortgage lenders for more than 20 years.

Contact(s) information

Fred Clarke
IBM Media Relations
914-715-5986 (mobile) 914-765-6700 (IBM office)
fredc@us.ibm.com

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