Local News

IBM Acquires Mortgage Services Firm

Posted October 23, 2006 5:21 a.m. EDT

— IBM has agreed to acquire Palisades Technology Partners, a provider of services and technology to the mortgage lending industry.

Palisades, which is privately held, is based in New Jersey. Its customers include five of the world’s top 10 lending institutions.

Terms of the acquisition were not disclosed.

"The addition of Palisades Technology Partners will enable IBM to deliver enhanced solutions to our clients in the finance and banking sectors," said Erich Clementi, general manager of IBM Managed Business Process Services. "The acquisition will accelerate IBM's offerings and capabilities to deliver flexible, efficient and scaleable solutions, which reduce operational risk for clients that run complex lending processes."