Microsoft acquired UMT, a project and portfolio management software and consulting firm, Friday for an undisclosed sum.

The Redmond software giant said it planned to integrate UMT’s technology into Microsoft Office Enterprise Project Management (EPM) Solution.

Microsoft plans to use UMT’s technology to extend project and portfolio management throughout the enterprise, according to Chris Capossela, corporate vice president of Microsoft’s information worker product management group.

Shares of Microsoft dropped $0.03 to $26.89 in recent trading.

“We look forward to working with Microsoft to develop solutions that help customers better manage their project portfolios and accelerate their business success,” said Gil Makleff, CEO North America, of UMT.

He plans to continue working with Microsoft, along with UMT founders Mike Gruia and Yorai Linenberg.

The New York City-based company already has developed software that connects with Microsoft Office EPM Solution. The company will maintain operations until the acquisition closes. Several product development employees from UMT also will be joining Microsoft.

The consulting arm of UMT will remain a separate entity. It will be renamed as the UMT Consulting Group, but will continue to work with Microsoft.