Computer giant IBM has agreed to acquire Marlborough-based Netezza Corp. for $27 per share in cash, or about $1.7 billion.
Netezza makes data storage and analytics systems based on IBM software and other technology. The company has about 500 employees, half of which are based in Central Massachusetts.
The two companies have been strategic partners for a number of years.
The acquisition must be approved by Netezza shareholders, and is expected to close in the fourth quarter.
Armonk, N.Y.-based IBM said its business analytics systems can be made faster and less expensive by acquiring Netezza.
Netezza equipment can be installed and implemented quickly with “minimal administration and IT skills,” IBM said.
In the last four years, IBM has spent more than $12 billion on 23 analytics-related acquisitions. The company’s analytics business grew by 14 percent in the second quarter.
The company intends to make Netezza part of its Information Management software business.
