HCL Technologies’ $1.8 Billion Acquisition of select IBM software products

Cravath is representing IBM in connection with the transaction.

IBM (NYSE: IBM) and HCL Technologies (HCL) signed a definitive agreement under which HCL will acquire select IBM software products for $1.8 billion. The transaction is expected to close by mid-2019, subject to completion of applicable regulatory reviews.

The software products in scope represent a total addressable market of more than $50 billion and include:

Appscan for secure application development,

BigFix for secure device management,

Unica (on-premise) for marketing automation,

Commerce (on-premise) for omni-channel eCommerce,

Portal (on-premise) for digital experience,

Notes & Domino for email and low-code rapid application development, and

Connections for workstream collaboration.

HCL and IBM have an ongoing IP Partnership for five of these products.

The Cravath team is led by partners George F. Schoen (Picture) and Keith Hallam and includes associates Matthew L. Ploszek, Rami Totari and Stephanie M. Park on M&A matters; partner J. Leonard Teti II and associates Peter W. Rogers and Jiyeon K. Barta on tax matters; partner Jennifer S. Conway and associates Sally Ye and Alison E. Beskin on executive compensation and benefits matters; and senior attorney Jesse M. Weiss on antitrust matters. Michael P. E. Dooley also worked on M&A matters.

Involved fees earner: Jiyeon Barta – Cravath Swaine & Moore; Alison Beskin – Cravath Swaine & Moore; Jennifer Conway – Cravath Swaine & Moore; Keith Hallam – Cravath Swaine & Moore; Stephanie Park – Cravath Swaine & Moore; Matthew Ploszek – Cravath Swaine & Moore; Peter Rogers – Cravath Swaine & Moore; George Schoen – Cravath Swaine & Moore; J. Leonard Teti II – Cravath Swaine & Moore; Rami Totari – Cravath Swaine & Moore; Jesse Weiss – Cravath Swaine & Moore; Sally Ye – Cravath Swaine & Moore;

Law Firms: Cravath Swaine & Moore;

Clients: IBM;