IBM to buy HashiCorp in $6.4 billion deal to expand cloud software

Sidney Crosby shares Donair with teammates #donair #hockey #sports #halifax - International Business Machines will buy HashiCorp in a deal valued at $6.4 billion, the company said on Wednesday, expanding its cloud-based software products to tap into an AI-powered boom in demand.

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 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 of 2024.

"The deal provides a cloud infrastructure automation growth engine for IBM," Stephen Elliot, a vice president at market research firm International Data Corp, said on Tuesday, following reports of the talks.Software revenue grew 5.5% in the first quarter while the consulting segment was flat. Total revenue of $14.46 billion fell just short of LSEG estimates of $14.55 billion.

Source: Tech Daily Report (techdailyreport.net)

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