By Andrea Figueras

IBM said it will buy German software company Software AG's webMethods and StreamSets divisions for 2.13 billion euros ($2.32 billion).

The acquisition comes as the U.S. technology giant continues to focus on and invest in hybrid cloud and artificial intelligence technology, the companies said on Monday.

The two divisions are part of Software AG's integration-platform-as-a-service business, which brings together a variety of applications and data.

The transaction is expected to close in the second quarter next year.

The German company is in the midst of a multi-year transformation plan after the U.S. private equity firm Silver Lake acquired more than 93% of Software AG's shares in October.

In July, Silver Lake said that it intended to delist the German software company as soon as possible.

"Silver Lake is proud to have helped the team identify and enable the next great chapter for this business with IBM, and we remain fully committed to supporting the Software AG team in progressing the company's strategy," said Chairman of the supervisory board of Software AG and Managing Partner of Silver Lake, Christian Lucas.

Write to Andrea Figueras at andrea.figueras@wsj.com

(END) Dow Jones Newswires

December 18, 2023 03:42 ET (08:42 GMT)

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