(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.
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)
