IBM ties up Palisades Technology acquisition

Palisades eaten up by IBM Global Technology Services.

IBM has completed its acquisition of Palisades Technology Partners, a privately held provider of strategic consulting and systems integration.

Palisades develops a web-based financial lending platform, which it claims is used by five of the world's top 10 lenders.

IBM said that the acquisition will allow it to deliver enhanced offerings to its clients in the finance and banking sectors.

Palisades' business operations and employees will be integrated into IBM's Global Technology Services division. The merged group will be run by Erich Clementi, IBM's general manager of managed business process services.

Big Blue claimed that the integration of Palisades' SOA-based Impact Lending Suite technology into its own banking and financial offerings will allow it to better target mortgage lenders.

"Palisades' existing clients will see no change in the current high level of service they receive from their client teams, now inside IBM," said an IBM statement.

"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."

IBM announced a definitive agreement to acquire Palisades Technology Partners on 20 October.