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Sun Microsystems, the troubled IT systems group, has continued its recent buying spree with the acquisition of Seebeyond, a California-based software company, for $387m.

SeeBeyond stockholders will receive $4.25 a share in cash, a 29 per cent premium to Monday’s closing price.

Sun earlier this month surprised Wall Street by paying $4.1bn for StorageTek, a maker of data storage equipment. Seebeyond specialises in software that helps companies link computer systems. Its products are built around Sun’s Java technology.

On Monday, Sun stepped-up its efforts to woo the open-source software development community by releasing more computer programs under a “free” software licence.

The company said it would publish its Java Application Server on terms that allowed customers to use and alter the product free of charge, on condition that changes were shared with other users.

Copyright The Financial Times Limited 2017. All rights reserved.

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