On Monday, IBM, the world's largest technology services company, and German software company SAP AG announced that they are thinking to launch their first jointly developed software product in March.

SAP said, "The software -- called Alloy -- combines IBM Lotus Notes software with SAP Business Suite and will be sold by both companies."

SAP also informed that thousands of customers of both IBM Lotus and SAP have been inquiring for the functionality that Alloy software will provide. It also added that the majority of IBM's top 100 customers also use SAP offerings.

However, no details regarding the price tag or development costs of the software were given by the two companies.