News Summary: Lenovo buys cloud computing firm

Associated Press

ACQUISITION: China's Lenovo Group is buying small U.S. software company Stoneware.

THE FIT: Lenovo, the world's second biggest maker of personal computers, says buying Stoneware would help to enhance and expand its cloud computing business. The term refers to storing documents and software applications at remote data centers and allowing users to access them through Internet-connected devices.

DETAILS: Financial terms weren't disclosed, but Lenovo says the acquisition would not affect earnings. Stoneware has 67 employees in Indiana and Salt Lake City and Lenovo said none would lose their jobs. The purchase is expected to be completed this year.

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