New Brunswick

IBM buys security software firm Q1 Labs

IBM announced on Tuesday a deal to purchase Q1 Lbs, a security intelligence software company that started in Fredericton.

IBM announced on Tuesday a deal to purchase Q1 Labs, a security intelligence software company that started in Fredericton.

The acquisition will see Q1 Labs join the recently created IBM Security Systems division.

There were no financial details released about the agreement.

Q1 Labs detects possible security breaches through its process of applying analytics to correlate data from security domains.

Brendan Hannigan, the chief executive officer of Q1 Labs, said in a statement the company’s "security analytics will add greater intelligence to IBM’s security portfolio and continue to distinguish IBM from competitors."

The deal between IBM and Q1 Labs is expected to close in the fourth quarter of 2011 and is subject to regulatory review and some closing conditions.

Q1 Labs has 1,800 clients across the world and has offices in Waltham, Belfast, Northern Ireland and Fredericton.

Q1 Labs started in 2001 by three staff members at the University of New Brunswick.

However, it was purchased by U.S-based investors and is now based out of Waltham, Mass.