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IBM to acquire software firm Apptio for US$4.6 billion

Published Mon, Jun 26, 2023 · 07:20 PM
    • IBM says it will finance the deal with cash on hand and expects the transaction to close in the latter half of 2023.
    • IBM says it will finance the deal with cash on hand and expects the transaction to close in the latter half of 2023. PHOTO: REUTERS

    IBM said on Monday (Jun 26) it will acquire cloud software company Apptio from Vista Equity Partners for US$4.6 billion in cash, in the latest deal to bolster its capabilities in cloud and automation.

    Share of IBM were down less than 1 per cent 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. REUTERS

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