International Business Machines Corp IBM shares traded higher Monday after it inked a deal with Vista Equity Partners to purchase Apptio Inc for $4.6 billion.
Apptio is a leader in financial and operational IT management and optimization (FinOps) software.
The acquisition will accelerate the advancement of IBM's IT automation capabilities and enable enterprise leaders to deliver enhanced business value across technology investments.
Apptio and IBM's IT automation software and Watsonx AI platform will help businesses worldwide manage and optimize enterprise IT spending and derive tangible financial value and operational improvement.
Apptio is an established, growing, and profitable technology business management and FinOps leader with over 1,500 clients, serving over half of the Fortune 100.
Apptio empowers enterprise leaders to manage technology spending and direct investments to high-value cloud innovation and digital transformation.
IBM held $17.6 billion in cash and equivalents as of March 31.
Price Action: IBM shares traded higher by 0.97% at $130.69 on the last check Monday.
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