Zhitong Financial APP learned that, according to people familiar with the matter, IBM Corp (IBM)Crashbandicoot4it'sabouttimeUs) is about to conclude a deal to acquire cloud software provider HashiCorp (HCP.US).

Under the leadership of CEO Arvind Krishna, IBM has focused on acquisitions to build its own cloud services. The vigorous development and increase of generative artificial intelligenceCrashbandicoot4it'sabouttimeCloud software is attractive because it helps to process large amounts of data.

California-based HashiCorp allows customers to build and manage their infrastructure on the cloud. In the fiscal year ended Jan. 31, revenue rose 22.5% to $583.1 million, exceeding analysts' average expectations at the time, according to LSEG.

It is reported that a deal for HashiCorp may be finalised in the next few days, but it is still possible that a deal may not be reached.

IBM completed nine acquisitions in 2023, including the $4.6 billion acquisition of technology expense management platform Apptio from Vista Equity Partners.

IBM bought Red Hat, a software company, for $34 billion (including debt) in 2018, its largest acquisition to date.

By Wednesday's close, HashiCorp was up 18.74% at $29.15.