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Microsoft to buy UMT's portfolio software

United Management Technologies' software will be folded into Microsoft's Office Enterprise Project Management Solution.

Microsoft will acquire the software and intellectual property of United Management Technologies to build into its Office software, the companies said Friday.

Microsoft's purchase includes UMT's portfolio management products, which help companies identify and prioritize portfolios of projects, as well as deal with projects' deadlines, scopes and budgets. Microsoft will fold these assets into its Office Enterprise Project Management Solutions.

"Through the acquisition, we will be able to more quickly deliver on our vision of bringing project and portfolio management capabilities to all levels of an organization," Chris Capossela, Microsoft vice president of information-worker product management, said in a statement.

For Microsoft, its Office software is one of two main sources of revenue, along with its Windows operating system.

Under the deal, Microsoft will acquire the software and IP assets from New York City-based UMT. Microsoft, however, is not purchasing UMT's consulting business, which will remain a separate entity.

Financial terms of the deal were not disclosed.