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IBM Acquires Interests in High-Tech Firms

June 28, 1989|From United Press International

WHITE PLAINS, N.Y. — International Business Machines Corp. said it has agreed to acquire minority equity interests in Image Business Systems Corp., an applications software developer, and I/NET Inc., a contract research and development firm.

Under the terms of the agreements, IBM will invest $6 million in IBS, New York, and $4.3 million in I/NET, Kalamazoo, Mich.

IBS and I/NET will use the proceeds for general corporate purposes, including image product development based upon IBM products.

IBS recently announced that it became an IBM Business Partner--Cooperative Software Program supplier. Under that agreement, IBM and IBS will market IBS image software, called IBS ImageSystem.

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