IBM continues to invest in strategic acquisitions

IBM Chief Executive Samuel J Palmisano in a letter to the shareholders noted that the company is taking a different approach in the current global economic slowdown.

"We are not looking back, we are looking ahead. We are continuing to invest in R&D, in strategic acquisitions, in growth initiatives -- and most importantly, during these difficult times, in our people," said Palmisano, who is also the chairman and president of IBM.

IBM is reportedly interested in acquiring a majority stake in Indian software exporter Satyam Computer Services, whose founder and chairman B Ramalinga Raju confessed to an over Rs 7,800-crore fraud in the firm.

The crisis-ridden Satyam is in the process of selling a 51 per cent stake in the company.

When asked whether the firm is in the race for Satyam, a spokesperson for IBM said it is the company's practice "not to comment on rumour or speculation".

Meanwhile, Palmisano in the letter said that many companies are reacting to the current global downturn by drastically curtailing spending and investment, even in areas that are important to their future. "We are taking a different approach," he added.