IBM Corp. continued the development of its Information on Demand software business Monday, as it agreed to buy business intelligence software maker Cognos Inc. of Ottawa for $5 billion in cash.
The two companies issued a statement that said the Armonk, N.Y., technology giant would pay $58 per share for Cognos, reflecting a 9.5 percent premium to the shares’ Friday closing price of $52.98 on Nasdaq. Cognos had already produced a one-year return of 37 percent for its shareholders as its stock leapt about 20 percent in October after German software company SAP AG made a �4.8 billion ($6.8 billion) offer for Business Objects SA of France and put software makers in the M&A spotlight.
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