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IBM to buy Palisades Technology Partners

The deal will beef up IBM's business consulting, IT services and financial software business.

IBM announced on Friday it plans to buy Palisades Technology Partners, a services and technology company that serves the mortgage and finance industry. The deal, which is expected to close at the end of the year, would provide IBM with Palisades consulting, systems integration and Web-based lending technology.

The acquisition is designed to bolster IBM's business consulting, IT services and financial software business. Palisades, which serves half the world's top 10 financial lenders, uses a service-oriented architecture (SOA) and open-source technology. Terms of the deal were not disclosed.