June 1, 2016 / 2:07 PM / a year ago

IBM to buy EZSource for 14th acquisition of Israeli company

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People walk past an IBM logo during the Mobile World Congress in Barcelona, Spain February 25, 2016.Albert Gea/Files

JERUSALEM (Reuters) - IBM said on Wednesday it will acquire EZSource, an Israel-based application discovery company, to help developers modernise mainframe applications for digital business.

Financial terms of the deal were not disclosed.

IBM, which has made 13 other acquisitions of Israeli companies since 1998, said the planned purchase is expected to close in the second quarter subject to completion of governmental review.

It noted that applications can be made up of hundreds of thousands of lines of code and updating the code may take weeks. EZSource, it said, provides a visual dashboard to show developers which applications have changed to ease the modernization process.

EZSource was founded in 2003 and has offices in Israel, the United States, UK, Switzerland, Japan and Romania. Its clients include ING Life, Maybank and 7-Eleven.

IBM's last acquisition in Israel was Trusteer in 2013, for which it paid more than $600 million.

Reporting by Steven Scheer

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