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© Reuters. FILE PHOTO: The International Business Machines Corporation (IBM) logo is displayed, during the GSMA’s 2023 Mobile World Congress (MWC) in Barcelona, Spain March 1, 2023. REUTERS/Nacho Doce
(Reuters) -IBM said on Monday it will acquire cloud software company Apptio from Vista Equity Partners for $4.6 billion in cash, in the latest deal to bolster its capabilities in cloud and automation.
Share of IBM (NYSE:) were down less than 1% in premarket trading. IBM said it will finance the deal with cash on hand and expects the transaction to close in the latter half of 2023.
Founded in 2007, Seattle-based Apptio helps companies manage and understand their spending on cloud services and offers functionalities such as IT budgeting, forecasting and financial analyses.
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