IBM has acquired Dublin based software provider, Curam software, which provides helping hand to government agencies to administer social welfare as well as health services. Other details including financial details about the deal have not been disclosed yet.
Revenue of Curam, in past two years, has witnessed a sharp fall. In the year 2010 Curam's revenue stood at $79.8 million, which was down from $91.2 million in 2009, however, John Hearne, chief executive and co-founder of this company commented that they were on the course to earn revenues of $100 million in the current year.
According to the analysts and industry experts, this deal is worth almost around $150 million as software companies are valued at 1.5 to 2.5 times higher than their actual revenue.
The CEO described the day of sale as a "very exciting day for us." The deal will help the company to sell its software in 170 countries instead of nine which is its current status according to Hearne. This acquisition will be closed later this month, reported Irish Times.
Curam in 2010 generated $8.2 million as pre-tax profit and currently it has 700 employees and around 300 of them are based in Dublin.