IBM to acquire software provider Turbonomic for over $1.5 billion

FILE PHOTO: The sign at the IBM facility near Boulder, Colorado September 8, 2009. International Business Machines Corp. repeated that it expects to earn "at least" $9.70 a share this year. REUTERS/Rick Wilking

NEW YORK (Reuters) -IBM said on Thursday it has agreed to acquire Turbonomic, a provider of software that helps companies monitor the performance of their business applications, the latest in a series of cloud computing acquisitions by the tech giant.

The transaction values Turbonomic at between $1.5 billion and $2 billion, people familiar with the matter said on condition of anonymity. The deal, which confirmed an earlier Reuters report, would be IBM's largest since it acquired Red Hat for $34 billion in 2019.