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Veritas surges on IBM deal

Veritas Software Corp. (Nasdaq: VRTS) was up 9 percent Wednesday after it agreed to develop and co-market products that work on operating machines made by IBM (NYSE: IBM).

The maker of data storage- management software saw shares gain 7 7/8 to 111 7/8. Shares have fallen from their 52-week high of 174, and the company snuck past estimates in its first quarter

Veritas said that after completing the deal to support IBM systems, its software will be available for all major industry operating system platform vendors, including Microsoft (Nasdaq: MSFT), Sun Microsystems (Nasdaq: SUNW), HP (NYSE: HWP) and IBM (NYSE: IBM).

As part of the agreement, Veritas Software will be porting and optimizing its complete set of storage management solutions, to AIX/Monterey for IBM and Intel (Nasdaq: INTC) IA-64 processor-based systems.

AIX/Monterey is a code name that refers to both AIX (IBM's version of Unix) for IBM Power processors and delivery of the UNIX operating system for Intel's IA-64 Itanium processor-based systems.

Veritas said details on this business agreement will be disclosed at a later date.

The company's top competitors include Sun, BMC Software (Nasdaq: BMCS) and Legato Systems (Nasdaq: LGTOE)