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IBM Completes the Acquisition of Palisades Technology Partners


WEBWIRE –

ARMONK, NY - 10 Nov 2006: IBM (NYSE: IBM) today announced that it has completed its acquisition of Palisades Technology Partners, a privately held company based in Englewood Cliffs, NJ.

The acquisition builds upon IBM’s ongoing strategy to leverage business consulting, IT services and software to develop integrated, replicable solutions that help clients optimize and transform their businesses. It will also enable IBM to deliver enhanced solutions to its clients in the finance and banking sectors. IBM had announced a definitive agreement to acquire Palisades Technology Partners on October 20th.

Now that the acquisition is complete, IBM will:

* Integrate Palisades Technology Partners business operations and employees into the IBM Global Technology Services division under the general manager of Managed Business Process Services, Erich Clementi;
* Integrate Palisades’ SOA-based Impact Lending Suite technology into IBM’s family of banking and financial solutions, to offer new opportunities for mortgage lenders to enrich and transform their operations;
* Palisades’ existing clients will see no change in the current high level of service they receive from their client teams, now inside IBM. They will also have access to IBM’s broad product portfolio, extensive services capabilities including consulting, systems integration and multi-vendor systems management, as well as IBM Research.

Palisades Technology Partners’ staff of business and technology experts provides strategic consulting, systems integration, and a comprehensive web-based multi-channel lending platform, which supports the entire lending lifecycle from point-of-sale, through post closing. The firm’s clients include five of the world’s top ten lenders. Palisades Technology Partners has been recognized as a Top 100 Technology Vendor by Mortgage Technology Magazine.

About IBM

For more about IBM, please visit www.ibm.com

About Palisades Technology Partners

Palisades Technology Partners’ management (www.ptpusa.com) has been building mission-critical systems for the industry’s top mortgage lenders for more than 20 years.

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