IBM Acquires Software Maker HashiCorp in $6.4 Billion Deal (2)

International Business Machines Corp. said it has agreed to buy HashiCorp Inc. in a transaction valuing the software company at $6.4 billion on an enterprise basis.

IBM is paying $35 a share for San Francisco-based HashiCorp, according to a statement Wednesday confirming an earlier report by Bloomberg News.

The announcement coincided with IBM reporting its first-quarter results, including a 1% gain in its revenue to $14.5 billion over the same period last year. Its free cash flow was $1.9 billion, up about $600 million from a year prior.

Shares of HashiCorp jumped as much as 11% on Wednesday, extending ...