IBM is reportedly close to agreeing a $5 billion takeover of business management software as a service application developer Apptio.

According to a Wall Street Journal report on Friday, a deal was set to be completed over the past weekend with the only uncertainty being the final details, such as whether the purchase will include debt.

Apptio, founded in 2007, was taken private by Vista Equity Partners in 2018 for $1.94 billion. Its tech is used by the majority of Fortune 100 companies, and its products including cloud-based and hybrid business management software is seen as an asset for IBM

IBM chief executive officer Arvind Krishna has spent the past three years since his appointment attempting to shake up the company’s business.

Following the $34 billion acquisition of Red Hat in 2019, IBM under Krishna in 2021 split off its Kyndryl business and divested the Watson Health division. The company also acquired software maker Turbonomic for over $1.5 billion in 2021.

Last month, Krishna said that IBM is still focused on dealmaking but noted that it is unlikely that future acquisitions would match the scale of the Red Hat deal.

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