Oct. 18 (Bloomberg) -- International Business Machines Corp. is releasing its largest set of security products ever as the company seeks new business amid slowing revenue.
IBM, which disappointed investors this week by reporting that sales fell in the third quarter, said today it has 10 new products that will help it gain ground in the market for business security software, where spending will rise to $21 billion in 2013, according to Gartner Research.
“For IBM it really is a significant increase in focus on the whole area of security,” said Brendan Hannigan, general manager of IBM’s security systems division. “We’ve got a large security sales force. We have a channel organization that will help package the capabilities together.”
IBM is releasing products that will help companies control employees’ mobile devices, mitigate threats from the Internet and in data centers, and automate some security management. The company is betting that a wider product portfolio will help it win business from niche competitors.
The Armonk, New York-based company formed its security division earlier this year, urged by clients who are adding security officers in top management positions to combat the growing threat of cybercrime. Companies are storing data remotely and retrieving the information with mobile devices, increasing the points of entry for potential theft.
IBM declined 4.9 percent yesterday to $200.63 as investors reacted to third-quarter revenue, which fell short of expectations. Revenue dropped 5.4 percent to $24.7 billion, the company said, missing the $25.4 billion average analyst estimate.
To contact the reporter on this story: Sarah Frier in New York at email@example.com
To contact the editor responsible for this story: Crayton Harrison at firstname.lastname@example.org