IBM snaps up SaaS FinOps company Apptio for $4.6bn

26 Jun 2023

Image: ©nmann77/

Apptio’s acquisition by IBM is expected to close in late 2023. The tech giant plans to integrate its tech across numerous areas of its business.

Tech giant IBM’s CEO said his company’s efforts to purchase a much smaller but fast-growing company called Apptio is part of its plans to ensure its business stays as relevant as possible and keeps up with the complex needs that modern enterprises require.

IBM today (26 June) entered into an agreement to acquire financial services SaaS company Apptio for almost $5bn. Arvind Krishna said the tech giant is acquiring Apptio because “Technology is changing business at a rate and pace we’ve never seen before.”

“To capitalise on these changes, it is essential to optimise investments which drive better business value, and Apptio does just that. Apptio’s offerings combined with IBM’s IT automation software and Watsonx AI platform gives clients the most comprehensive approach to optimise and manage all of their technology investments,” Krishna continued.

Apptio serves around 1,500 clients, which is a comparatively small number to IBM, but it counts more than half of the Fortune 100 as customers. Its platform integrates with Amazon Web Services, Microsoft Azure, Google Cloud Platform, Salesforce, ServiceNow, Oracle and SAP. IBM operates on an open partner ecosystem so Apptio’s ability to offer multi-cloud integration makes it an attractive prospect for the tech giant.

Apptio’s platform has three main offerings, all delivered as software as a service (SaaS). IBM plans to leverage its tech across multiple different areas of its business including Red Hat, automation, cloud, AI and enterprise consulting portfolio.

Sunny Gupta, Apptio co-founder and CEO, said the company’s “global presence and strong portfolio across AIOps, automation and hybrid cloud offerings” would be a boost to its business.

Apptio’s acquisition by IBM is subject to regulatory approvals and is expected to close in late 2023.

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Blathnaid O’Dea was a Careers reporter at Silicon Republic until 2024.