IBM nears $5bn deal to acquire software firm Apptio

MG News | June 24, 2023 at 01:55 PM GMT+05:00

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June 24, 2023 (MLN): IBM (NYSE: IBM) is nearing a deal to acquire software company Apptio for about $5 billion, the Wall Street Journal reported on Friday, citing people familiar with the matter.

A deal between the companies could be completed over the weekend, the Journal reported, adding that it was unclear whether the purchase price includes debt.

IBM declined to comment on the report as reported by Reuters.

Apptio, taken private by Vista Equity Partners in 2018 for $1.94bn, provides products including cloud-based and hybrid business management software, a possible asset for technology giant IBM.

The deal follows IBM's 2021 purchase of software provider Turbonomic for over $1.5bn and its 2019 acquisition of software company Red Hat for $34bn.

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