Datawatch Corporation, a leader in the rapidly growing information services market space, announced that it has entered into a definitive agreement to acquire the products comprising the Integrated Document Archiving and Retrieval Systems (IDARS) business, including the company's e-mail management products from ClearStory Systems, Inc.

The acquisition will be an all-cash transaction of $4.3 million at close plus an earn-out, calculated by multiplying the net revenues derived from the product sales by 30 percent for the next 18 months. The transaction will be accounted for under the purchase method of accounting. The controlling stockholders of ClearStory Systems, Inc. have executed an irrevocable written consent, subject to mailing a stockholder Information Statement, and the transaction is expected to be completed in the company's third fiscal quarter of 2006.

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