IBM to buy HashiCorp in $6.4 billion deal to expand cloud software [Yahoo! Finance]
International Business Machines Corporation (IBM)
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Source: Yahoo! Finance
on Wednesday, expanding its cloud-based software products to tap into an AI-powered boom in demand. Software has been a bright spot for IBM as its consulting business grapples with more cautious spending by enterprises navigating higher interest rates. IBM will pay $35 per share for HashiCorp, a 42.6% premium to Monday's closing price. HashiCorp's shares surged on Tuesday following media reports of the deal talks. IBM, which separately reported first-quarter adjusted profit above Wall Street estimates, has doubled down on its cloud business as it becomes increasingly necessary to store and process the vast amounts of data employed in artificial intelligence programs. The Big Blue's "AI book of business" crossed $1 billion in the first quarter, growing sequentially. The book comprises actual sales and bookings from various offerings. The acquisition will be funded by cash on hand and will add to adjusted core profit within the first full year of closing, expected by the end o
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