IBM to buy Software AG’s enterprise tech business for $2.3 billion By Reuters

© Reuters. FILE PHOTO: The logo for IBM is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., June 27, 2018. REUTERS/Brendan McDermid//File Photo

(Reuters) -IBM on Monday said that it would buy Software AG’s enterprise technology platforms for 2.13 billion euros ($2.33 billion) to bolster its artificial intelligence and hybrid cloud offerings.

IBM (NYSE:) will acquire Software AG’s StreamSets and webMethods platforms with available cash on hand, it said.

The platforms provide application integration, application programming interface (API) management, and data integration among other uses.

Software AG is majority owned by private equity firm Silver Lake.

“The opportunity to bring the StreamSets and webMethods teams together with IBM to innovate in building the future of hybrid cloud and next-generation AI solutions for the enterprise is uniquely compelling,” Christian Lucas, chairman of the supervisory board of Software AG said in a statement.

($1 = 0.9158 euros)

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