IBM on Monday confirmed the $4.6 billion purchase of software company Apptio, giving the tech giant greater automation capabilities.
IBM will buy Apptio from Vista Equity Partners, which took the company private back in early 2019.
IBM ANNOUNCES AI PLATFORM WATSONX TO HELP BUSINESSES
The software company provides tools to help companies keep track of the software and services they use, and better manage costs.
Among its customers are financial giants Allstate and Bank of America, according to Apptio's website.
IBM REPORTS HIGHEST ANNUAL REVENUE GROWTH IN A DECADE
IBM is transforming itself into a company focused on the hybrid cloud and artificial intelligence businesses.
IBM CEO Arvind Krishna has sharpened the company’s focus on areas including hybrid-cloud and quantum computing.
In April, IBM reported first-quarter revenue of $14.3 billion, up slightly from the prior year.
IBM recorded software revenue of $5.9 billion, up 2.6% year-over-year.
FOX Business has reached out to IBM for comment.
