TechnologyIBM to acquire software provider Turbonomic for over $1.5 bln
Krystal Hu
2 minute read
IBM (IBM.N) said on Thursday it has agreed to acquire Turbonomic, a provider of software that helps companies monitor the performance of their business applications, the latest in a series of cloud computing acquisitions by the tech giant.
The transaction values Turbonomic at between $1.5 billion and $2 billion, people familiar with the matter said on condition of anonymity. The deal, which confirmed an earlier Reuters report, would be IBM s largest since it acquired Red Hat for $34 billion in 2019.
IBM shares were up slightly in early afternoon trading.
Updated:
April 30, 2021 12:06 IST
The acquisition is IBM s 11th since Arvind Krishna became chief executive last year. Krishna has been leading a major transformation, doubling down on the hybrid cloud and artificial intelligence areas.
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Turbonomic has previously partnered with IBM, including an original equipment manufacturer (OEM) agreement in May 2020.
| Photo Credit: Reuters
The acquisition is IBM s 11th since Arvind Krishna became chief executive last year. Krishna has been leading a major transformation, doubling down on the hybrid cloud and artificial intelligence areas.
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IBM is acquiring cloud app and network management firm Turbonomic for up to $2B
IBM today made another acquisition to deepen its reach into providing enterprises with AI-based services to manage their networks and workloads. It announced that it is acquiring Turbonomic, a company that provides tools to manage application performance (specifically resource management), along with Kubernetes and network performance part of its bigger strategy to bring more AI into IT ops, or as it calls it, AIOps.
Financial terms of the deal were not disclosed, but according to data in PitchBook, Turbonomic was valued at nearly $1 billion $963 million, to be exact in its last funding round in September 2019. A report in Reuters rumoring the deal a little earlier today valued it at between $1.5 billion and $2 billion. A source tells us the figure is accurate.