Toshiba Corp yesterday said that it will pay $850 million (68 billion yen) to acquire IBM Corp's point-of-sale terminal business (POS), which has clients like Wal-Mart Stores and Toys "R" Us Inc.
Toshiba Tec Corp, a unit of Toshiba Corp will buy IBM's Retail Store Solutions (RSS) business, which offers retail point-of-sale (POS) solutions globally.
As part of the deal, Toshiba Tec will enter into a multi-year agreement with IBM in which Toshiba Tec will become an IBM Premier Business Partner for Smarter Commerce.
The agreement will ensure that IBM's portfolio of enterprise-level Smarter Commerce solutions and services, which extend from the corporate data centre to the local retail store, and Toshiba Tec's customer-facing retail store point-of-sale solutions are available to customers worldwide to meet the growing demand for multi-channel commerce.
IBM holds a 22 per cent share in the global POS terminal market while Toshiba Tec holds 7 per cent.
IBM's RSS had 2011 revenues of approximately $1.15 billion and has around 1,000 employees worldwide.