International Business Machines Corp. said it completed its $3.5 billion tender offer for Lotus Development Corp., the largest software acquisition in the history of the industry.
Lotus, publisher of the pioneering 1-2-3 spreadsheet and Notes applications, will become a subsidiary of the world’s biggest computer company. The companies have said that Lotus Chairman Jim Manzi will become an IBM senior vice president.
The acquisition gives IBM a key product to compete against Microsoft Corp.’s dominance of the desktop computer software market.
sponsored You’ve probably heard of co-ops: food co-ops, childcare co-ops, housing co-ops, energy co-ops.