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of cloud program costs and increasing reservation coverage to over 90 %.
With Turbonomic , the pitch is improved cloud investments by 33 % and 30 % of engineering time back .
The close of the Apptio acquisition is one of a series of investments in IT Automation by IBM over the last three years .
In 2020 , IBM launched its IT Automation portfolio when it announced its AIOps offerings that used AI and automation to help enterprises self-detect , diagnose and respond to IT anomalies in real time .
Later that year , IBM acquired Instana , recognizing that modern applications and operations required real-time observability .
Then , in 2021 , IBM acquired Turbonomic which has specialized in helping clients optimize for application performance at the lowest cost with automation . With the acquisition of Apptio , IBM will provide realtime data and actionable insights for leaders to make smarter spending decisions and realize value faster as they transform their operations .
Apptio is an established , growing and profitable technology business management and FinOps leader with over 1,500 clients – serving more than half of the Fortune 100 .
In June 2023 , IBM announced a definitive agreement to acquire Washington DC based Apptio from Vista Equity Partners for $ 4.6 billion .
Subject to regulatory approvals and other customary closing conditions , Apptio was to be acquired with available cash on hand .
“ We are committed to building resilient enterprise software companies , which has proven to be highly attractive to strategic and financial buyers as well as public markets ,” said Robert F . Smith , Founder , Chairman and CEO of Vista Equity Partners .
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