IBM is buying software company Apptio in a $4.6 billion all-cash deal, which it hopes will advance its IT automation capability.
Apptio, which is owned by private-equity firm Vista Equity Partners, works with enterprises such as Amazon Web Services, Microsoft Azure, and others to help companies plan their IT spend.
IBM (ticker: IBM) Chief Executive Arvind Krishna believes coupling this service with the cloud-computing company’s existing AI platforms will give “clients the most comprehensive approach to optimize and manage all of their technology investments.”
IBM’s shares were down 0.1% in premarket trading Monday.
The transaction is subject to approvals and is expected to close in the latter half of 2023.
Write to Karishma Vanjani at email@example.com.