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.
The deal comes at a time when companies are cutting their technology budgets amid challenging macro conditions. IBM cut about 3,900 jobs early this year and reported under 1 per cent year-over-year increase in revenue in the March quarter. The deal marks the latest move by IBM as the century-old IT technology major reorients itself to focus on newer AI and cloud-based offerings.