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 International Business Machines Corp. agreed to acquire a 15% stake in Paxus Corp., an Australian computer-software and information-services concern, for 20 million Australian dollars 
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(US$17 million).
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 The investment will be made through IBM Australia Ltd., a unit of IBM,
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 the two companies said yesterday.
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 IBM can raise its stake in Paxus to 20% over three years,
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 but agreed to not go beyond 20% in that time.
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 Paxus said in a statement
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 it has several well developed product and services relationships with the U.S. computer company,
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 and plans to expand these links.
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 The company earns about half its revenue overseas
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 and plans further expansion.
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 A majority stake in Paxus 
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currently held by NZI Corp.
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 will be diluted to slightly less than 50% 
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after IBM acquires its interest.
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 The agreement requires approval from Australia's Foreign Investment Review Board and National Companies and Securities Commission, and from shareholders of Paxus.
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