On Monday, IBM (IBM.N) said it would acquire cloud software business Apptio from Vista Equity Partners for a total cash purchase price of $4.6 billion. This acquisition is the latest move by IBM to strengthen its capabilities in cloud computing and automation.
In the trade that took place before the market opened, shares of IBM fell by less than one percent. IBM has stated that it will finish the sale using funds it already possesses and anticipates that the transaction will be finalized in the latter part of 2023.
Apptio, headquartered in Seattle and established in 2007, assists businesses in managing and comprehending the costs associated with cloud services. The company also provides IT budgeting, forecasting, and financial studies.