IBM Completes Acquisition of Corio

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ARMONK, N.Y. - 16 Mar 2005: IBM today announced the completion of its acquisition of Corio, Inc., seven weeks after reaching a definitive agreement to purchase the San Carlos, Calif.-based company.

Ingersoll-Rand is among the customers that will take advantage of the combined capabilities from Corio and IBM. Ingersoll-Rand's diverse product portfolio encompasses leading industrial and commercial brands such as Schlage locks and security solutions; Thermo King transport temperature control equipment; Hussmann commercial and retail refrigeration equipment; Bobcat compact equipment; Club Car golf cars and utility vehicles; and Ingersoll-Rand industrial and construction equipment.

"Ingersoll-Rand is a large enterprise with operations worldwide, and we need a cost-efficient flexible way to deploy our technology footprint -- the on demand model is one of our most important solutions," said Barry Libenson, Vice President and Chief Information Officer, Ingersoll-Rand. "Corio has done an excellent job supporting our Oracle and Siebel software implementations, and we believe the combined strengths of Corio and IBM will further enhance our relationship."

The acquisition strengthens IBM's application services portfolio by adding Corio's capabilities and technologies which facilitate rapid application deployment and automated application management for clients. The acquisition is also expected to enhance IBM's application services capabilities for clients using business software from Ariba, Epiphany, Oracle, PeopleSoft, SAP and Siebel. In addition, Corio's capabilities complement IBM's strategy to offer more asset-based services, which help clients by automating inefficient manual IT tasks.

"As enterprise applications become more complex and costly to manage, we see growing demand for application services," said Jim Corgel, General Manager, Small and Mid-Sized Business, IBM Global Services. "IBM, with the new capabilities from Corio, is uniquely positioned to help clients navigate these challenges."

Corio has been a leading enterprise application management provider since it was founded in 1998. Corio's Applications on Demand operational platform helps efficiently deliver applications as a service. Corio services and technologies enable flexible pay-as-you-go pricing, helping to minimize upfront costs and improve return on investment.

Corio application services will be available immediately in the U.S. and will be marketed as part of a broader IBM application services portfolio. IBM will extend its new application services to Asia and Europe in 2006.

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