International Business Machines Corp (IBM) said it plans to buy privately-held security intelligence software provider Q1 Labs for an undisclosed sum as it looks to boost its security portfolio.

Q1 Labs will become part of the newly-formed IBM security systems division, and will be led by Q1 Labs CEO Brendan Hannigan, IBM said in a statement.

IBM's security systems business will target a $94 billion market opportunity in security software and services, the company said.

IBM shares were down about 1 percent in pre-market trade on Tuesday. The stock closed at $173.29 on Monday on the New York Stock Exchange.

(Reporting by Saqib Iqbal Ahmed in Bangalore; Editing by Ian Geoghegan)

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