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 annual report. In December Mitchell Hashimoto, a co-founder of HashiCorp, whose family name is reflected in the company name, announced that he was leaving.
Revenue jumped almost 23% during that period, 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 regulatory filing. Cisco held early acquisition talks with HashiCorp, according to a 2019 report.
IBM shares slipped after publication of the Wall Street Journal article but quickly recovered.
Read the full Wall Street Journal report here.
