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IBM (NYSE:IBM) agreed to acquire enterprise software company Apptio from private equity firm Vista Equity Partners for $4.6 billion.
Apptio will be acquired with available cash on hand, according to a statement on Monday. The transaction is expected to close in the latter half of 2023.
PE firm Vista Equity Partners agreed to acquire Apptio for $1.94 billion in 2018. News of the Apptio deal was first reported by the WSJ late Friday.
“Apptio’s offerings combined with IBM’s IT automation software and watsonx AI platform, gives clients the most comprehensive approach to optimize and manage all of their technology investments,” IBM CEO and Chairman Arvind Krishna said in the statement.
Apptio serves more than half of the Fortune 100. Apptio partners and integrates with companies such as Amazon (AMZN) Web Services, Microsoft (MSFT) Azure, Google (GOOGL) Cloud Platform, Salesforce (CRM), ServiceNow (NOW), Oracle (ORCL) and SAP (SAP).
The WSJ reported in April that IBM (IBM) is exploring a sale of its weather business, and the unit could fetch more than $1 billion.
