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IBM to acquire HashiCorp in $6.4 billion deal, reports another revenue miss

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IBM said it would buy HashiCorp, a cloud software maker that's growing at a faster pace. IBM reported its third revenue miss in five quarters.

The software, hardware and consulting company is acquiring cloud software maker HashiCorp for $35 per share in cash in a deal with an enterprise value of $6.4 billion.shares fell 4% in extended trading on Wednesday after the hardware, software and consulting provider said it would acquire cloud software maker HashiCorp and reported first-quarter revenue that was lower than analysts had predicted., IBM announced that it intends to pay $35 per share in cash for HashiCorp in a deal with a $6.

Revenue from software, at $5.90 billion, increased about 6% and was below the $5.96 billion consensus among analysts surveyed by StreetAccount. IBM's consulting revenue came in at $5.19 billion, down slightly and just under the $5.20 billion StreetAccount consensus. Infrastructure revenue totaled $3.08 billion. It declined 0.7% but came in higher than the StreetAccount consensus of $2.94 billion.Notwithstanding the after-hours move, IBM shares are up about 13% so far this year, outperforming the S&P 500 index, which is up 6% over the same period.

 

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