IBM to acquire software firm Apptio for $4.6 billion

[June 26, 2023] (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 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.  

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

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.

(Reporting by Yuvraj Malik in Bengaluru; Editing by Krishna Chandra Eluri)

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