IBM has announced a definitive agreement to acquire privately held Q1 Labs, a Waltham, Massachusetts-based provider of security intelligence software. Financial terms were not disclosed. Following the close of the acquisition, Q1 Labs will join the newly-formed IBM Security Systems division, representing the world’s most comprehensive security portfolio.

After the close, IBM intends the new division to be led by Brendan Hannigan, CEO of Q1 Labs. The new division will target a $94 billion opportunity in security software and services, which has a nearly 12 per cent compound annual growth rate, according to IBM estimates. Q1 Labs will join the more than ten strategic security acquisitions IBM has made in the last decade and the more than 25 analytics-related purchases, including the recent acquisition of security analytics software firm, i2.