Gensym Corp. (Nasdaq: GNSM) blasted up 220 percent, after it announced an OEM (Original Equipment manufacturer) agreement with Nokia Networks, the network infrastructure arm of Finland-based Nokia Corporation (NYSE: NOK).
Shares in Gensym, which provides software and services for operations management were up 13 1/4 to 19 1/4, vaulting over the stock's previous 52-week high of 9 a share. The OEM agreement covers the use of Gensym's software within Nokia's new architecture for its Operations Support Systems (OSS) product family. Nokia shares were down 7/8 to 200 5/8.
Nokia's first OSS product based on Gensym's software is Nokia ServiceWatch, which helps voice and data service providers improve service quality. Nokia said its customers will benefit from the technology's powerful monitoring and reasoning capabilities.
No financial details of the deal were released.