HashiCorp shares spike on report that IBM is in talks to buy the cloud software maker

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 Amazon and Microsoft operate.

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 year that ended on Jan 31, according to its annual report.

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