Software provider MicroStrategy Inc. (Nasdaq: MSTR) skyrocketed 8 9/16 to 29 9/16 Monday after announcing an alliance with computer giant IBM Corp. (NYSE: IBM). The gain was one of the Nasdaq’s biggest increases of the day.
IBM also jumped up 1 to 121 7/16 after the announcement.
“Many of our clients are asking IBM Global Services to help them leverage their vast data assets in this new ‘e-world,'” said Mike Fuller, vice president of business intelligence consulting and services for IBM Global Services.
Under the proposed partnership, IBM will lend support and services to promote MicroStrategy’s software for business intelligence and customer relationship management to IBM enterprise customers.