Microsoft to buy portfolio management software

Microsoft will include UMT's technology in its Office Enterprise Project Management

Microsoft said Friday it plans to acquire software and intellectual property from UMT, a software and consulting firm based in New York that specializes in portfolio management software.

Microsoft will combine UMT's technology, including its Portfolio Manager software, with Microsoft Office Enterprise Project Management, which is based on Office Project Professional 2003 and Office Project Server 2003, it said in a statement. Financial terms of the acquisition were not disclosed.

Following the acquisition, some UMT executives and employees will join the Microsoft Office Project team. UMT's consulting arm will remain a separate entity and be renamed the UMT Consulting Group, Microsoft said.

In addition to its New York headquarters, UMT has offices in London and Bucharest, Romania.