Shares of cloud automation software company HashiCorp (NASDAQ: HCP) were rallying hard on Tuesday, up 21.7% as of 3:56 p.m. ET.

The software company, which went public in 2021 and helps businesses set up their cloud infrastructure, is apparently nearing a deal to be acquired by tech giant (NYSE: IBM), according to an exclusive report in The Wall Street Journal.

The company had been rumored to be seeking a buyer since March, and it appears Big Blue thinks it may be a good fit for its growing cloud software business.

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Source Fool.com