Retek (Nasdaq: RETK) climbed 9 1/4 to 41 3/8 Thursday after the company said it will team with IBM (NYSE: IBM) in a venture aimed at providing retailers, and their suppliers and distributors, with ways to do business over the Internet.
The companies said they expect the venture, which will combine Retek software with IBM hardware and software, to generate revenue of more than $1 billion by 2003.
The companies plan to offer hardware, software and services “designed exclusively for the challenges and opportunities of the new retail economy,” according to Jim Green, vice president of marketing for IBM’s global distribution group.
IBM has similar arrangements for B2B ventures with i2 Technologies, Ariba Inc. and Siebel Systems.
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