International Business Machines Co. IBM is close to a deal to buy cloud-based business software company Apptio Inc. for more than double its purchase price five years ago, the Wall Street Journal reported late Friday. IBM could close a deal to buy Apptio from private-equity firm Vista Equity Partners, possibly over the weekend, for around $5 billion, the WSJ reported, citing unnamed sources close to the advanced talks. Back in January 2019, Vista Equity Partners took then-Nasdaq-traded Apptio private in a $38 a share, or $1.94 billion, cash deal. Shares of IBM were down less than 0.1% after hours Friday, following a 1.3% decline to close the regular session at $129.43. Shares of IBM are down 8.2% year to date, while the Dow Jones Industrial Average DJIA, which counts IBM as a component, is up 1.8%. IBM’s stock had a rough week, finishing down 5.9%, along with fellow Dow component Intel Corp. INTC, which saw shares fall 9.3% on the week.
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