IBM Acquires Cloud Software Company Apptio for $4.6 Billion

IBM is acquiring Apptio, a provider of hybrid cloud management software, for $4.6 billion in cash.
The acquisition will advance IBM's automation, AI, and cloud computing capabilities.
Apptio has over 1,500 enterprise customers and partnerships with major cloud providers.
The deal is expected to close in the second half of 2023.
The acquisition underscores consolidation in the cloud software industry and may spur more private equity acquisitions.