New Delhi– Indian software major HCL Technologies on Friday said it was buying IBM Software Products for $1.8 billion (Rs 12,700 crore) in an all-cash deal.

“The transaction is expected to close by mid-2019, subject to completion of applicable regulatory reviews,” said the Noida-based company in a mandatory filing on the BSE.

The software products represent an addressable market of over $50 billion and include Appscan for secure application development, BigFix for secure device management, Unica for marketing automation, Commerce for omni-channel eCommerce, Portal for digital experience, Notes and Domino for e-mail and low-code rapid application development and Connections for workstream collaboration.

Both the firms have an ongoing IP (Intellectual Property) partnership for five of these products.

“We see great opportunities in the market to enhance our mode-3 (products and platforms) offerings. The products being acquired are in large growing market areas like security, marketing and commerce which are strategic segments for us,” added the filing. (IANS)