Tech giant IBM made a significant acquisition that doubles down on the hybrid notion by spending $4.6 billion in cash to acquire Apptio, which has developed a platform to manage how and where data sits in hybrid environments and how it is used, particularly how that adds up in terms of financial and resource expenses.
IBM while disclosing the acquisition said that the plan will be to have Apptio sit alongside IBM’s existing IT automation software and its AI platform.
Currently, Vista Equity Partners, a PE firm, owns Apptio after paying $1.94 billion to take it private in 2018.
This transaction shouldn’t come as a huge surprise because it was said to be in the works over the weekend.
According to the company’s release, subject to regulatory and other approvals, the transaction is anticipated to close in the second half of 2023.
