Technology giant IBM has said it will acquire web analytics software firm Coremetrics for

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an undisclosed amount in a bid to expand its software and services business.

In a statement IBM said it has entered into "a definitive agreement to acquire Coremetrics, a leader in web analytics software." However, financial terms of the deals were not disclosed.

Coremetrics, which serves more than 2,100 global brands like Bank of America, Virgin Atlantic Airways and Seton Hall University, would help IBM in empowering its marketing process.

IBM said the acquisition would help in delivering powerful new business analytics solutions, and help the company to see the shopping habits, likes and dislikes of its customers and measure the effectiveness of the marketing campaigns.

"Marketing departments can benefit from these capabilities very quickly because we are delivering this in a Software-as-a-Service model. The combination of IBM and Coremetrics will maximise marketing expenditures and also make the buying experience more convenient, personal and interactive for consumers," IBM WebSphere General Manager Craig Hayman said.

Privately held company Coremetrics, employs about 230 people who would be integrated into IBM. The deal is expected to close in the third quarter of the year