IBM nearing deal for cloud software provider HashiCorp, source says

Employees follows a speech at the booth of IBM at CeBIT computer fair in Hanover March 3, 2009. REUTERS/Hannibal Hanschke/File Photo

(Reuters) -International Business Machines is nearing a deal to buy cloud software provider HashiCorp, according to a person familiar with the matter.

Hashicorp's stock surged 24%, giving it a market value of $6.1 billion, after the Wall Street Journal first reported the talks.