IBM and German software company SAP AG plan to roll out their first jointly developed software product in March, the two companies said on Monday.

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

"In today's challenging business environment, companies need to identify and respond to operational changes more quickly," said Bob Picciano, general manager, IBM Lotus Software. "Tools that provide business people with seamless access to expertise, processes and information streamline work and improve productivity. Alloy by IBM and SAP is designed to help individuals and companies work more efficiently to produce better business outcomes."

Alloy supports SAP workflows, reporting and analytics, and the use of roles from within the Lotus Notes client. The product ships with a set of standard workflows and reports. These standard elements may be customized using standard Lotus Domino and SAP tools. IBM Global Business Services, SAP practitioners, Lotus Domino Business Partners and other global and regional systems integrators will be available to customize Alloy.

IBM Lotus and SAP have thousands of mutual customers who have been asking for the functionality that Alloy software will provide, SAP said, adding that the majority of IBM's top 100 customers also use SAP offerings.

The two companies gave no details on the price of the software or the development costs. The initial release will be sold by both companies.