Four Decades for Justice
On April 13, 2015, IBM announced an initiative to advance the quality and effectiveness of personal healthcare by establishing a Watson Health Cloud that will provide a secure and open platform for physicians, researchers, insurers and companies focused on health and wellness solutions. To complement the Cloud’s existing capabilities, IBM also announced that it will acquire Cleveland‑based Explorys and Dallas‑based Phytel, two healthcare technology companies that are widely recognized for their leadership in applying Big Data and analytics to help improve the quality of health for individuals and large population groups.
The acquisitions of Explorys and Phytel bolster IBM’s efforts to apply advanced analytics and cognitive computing to help primary care providers, large hospital systems and physician networks improve healthcare quality and effect healthier patient outcomes. Cravath represented IBM in connection with both of these transactions. Financial terms of both deals were not disclosed.
The Cravath team advising IBM in its acquisition of Explorys was led by partner George F. Schoen and included associates Nicholas A. Dorsey, Michael L. Arnold and Andrew T. Murphy on M&A matters; partner Andrew W. Needham and senior attorney Andrew Carlon on tax matters; associate Amy C. Benford on executive compensation and benefits matters; and partner Matthew Morreale on environmental matters. Tara L. Rhoades also worked on tax matters.
The Cravath team advising IBM in its acquisition of Phytel was led by partner Minh Van Ngo and included associate David J. Benhamou on M&A matters; partner Andrew W. Needham and foreign associate attorney Timur G. Celik on tax matters; senior attorney Lawrence A. Pasini and associate Sarah W. Colangelo on executive compensation and benefits matters; and partner Matthew Morreale on environmental matters.
Deals & Cases
February 20, 2024
Cravath represented IBM International Capital Pte. Ltd (“IIC”) and International Business Machines Corporation (“IBM”) in connection with IIC’s $5.5 billion registered notes offering. IBM is a guarantor of the notes. IIC is a wholly owned finance subsidiary of IBM, a globally integrated innovation company, serving the needs of enterprises and institutions worldwide. The transaction closed on February 5, 2024.
Deals & Cases
January 25, 2024
On January 18, 2024, IBM announced it has signed a definitive agreement to acquire application modernization capabilities from Advanced, bringing a combination of talent, tools and knowledge to enhance IBM Consulting’s mainframe application and data modernization services. Cravath is representing IBM in connection with the transaction.
Deals & Cases
December 18, 2023
On December 18, 2023, IBM announced that it has entered into a definitive agreement with Software AG, a company majority owned by Silver Lake, to purchase StreamSets and webMethods, Software AG's Super iPaaS (integration platform‑as‑a‑service) enterprise technology platforms, for €2.13 billion in cash. StreamSets will add data ingestion capabilities to watsonx, IBM's AI and data platform, while webMethods will give clients and partners additional integration and API management tools for their hybrid multi‑cloud environments. Cravath is representing IBM in connection with the transaction.
Deals & Cases
November 20, 2023
On November 14, 2023, engineering and technology company Technip Energies announced the launch of Reju, a company focused on PET (Polyethylene terephthalate) recycling of textiles that will leverage technology co‑developed in a joint venture with IBM and Under Armour. IBM, Under Armour and Technip Energies have been working together since 2021 to bring VolCat, an IBM technology for rejuvenating waste PET packaging and polyester, to an industrial scale. VolCat allows the selective breakdown of polymers which IBM first applied to technologies like semiconductor lithography and microelectronics packaging, which Reju intends to use to address hard‑to‑recycle polyester garments and PET packaging lost to the waste stream. Cravath is representing IBM in connection with the joint venture and matters relating to the establishment of Reju.
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