IBM Corp. (NYSE: IBM) is set to buy Cloudant, a cloud specialist in database-as-a-service, as a way to expand the company's analytics portfolio. Terms of the deal are undisclosed.

The transaction comes on the heels of the information technology company's announced plan to invest up to $1 billion in cloud technology by 2015. The last major deal it did in the sector was the 2013 purchase of SoftLayer for around $2 billion.  

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