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HashiCorp shares spike on report that IBM is in talks to buy company

Pelican Press

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HashiCorp shares spike on report that IBM is in talks to buy company

HashiCorp at the Nasdaq market site, December 9, 2021.

Source: Nasdaq

HashiCorp shares jumped as much as 26% on Tuesday following a media report claiming IBM was in talks to acquire the cloud software maker.

Developers use HashiCorp’s software to set up and manage infrastructure in public clouds that companies such as

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and
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 operate. Organizations also pay HashiCorp for managing security credentials.

Citing unnamed sources, The Wall Street Journal said a deal could come in the next few days.

HashiCorp and IBM representatives both told CNBC they don’t comment on market rumors or speculation.

Founded in 2012, HashiCorp went public on Nasdaq in 2021. The company generated a net loss of nearly $191 million on $583 million in revenue in the fiscal year ending Jan. 31, according to its

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. In December Mitchell Hashimoto, a co-founder of HashiCorp, whose family name is reflected in the company name,
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that he was leaving.

Revenue jumped almost 23% during that *******, compared with 2% for IBM in 2023. IBM executives pointed to a difficult economic climate during a conference call with analysts in January. The hardware, software and consulting provider reports earnings on Wednesday.

Cisco held $9 million in HashiCorp shares at the end of March, according to a

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. Cisco held early acquisition talks with HashiCorp, according to a
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.

IBM shares slipped after publication of the Wall Street Journal article but quickly recovered.

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HashiCorp Inc,International Business Machines Corp,Cisco Systems Inc,

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