Back in January 2019, Vista Equity Partners took then-Nasdaq-traded Apptio private in a $38-a-share, or $1.94 billion, cash deal. Apptio runs a cloud-based software platform that offers management and strategic planning for businesses.

That deal occurred just around the time IBM offered $190 a share, or $34 billion, for then-public Red Hat Inc. at a 63% premium at the time. Since then, IBM has acquired several companies, mostly for its consulting business, like government-focused digital transformation services company Octo, acquired from private-equity firm Arlington Capital Partners in late 2022.

Read: IBM boasts how AI can improve productivity, pays up to $260 million in ‘stranded costs’ after laying off thousands

In the meantime, Red Hat has become crucial to IBM’s growth — with software making up $5.92 billion of Big Blue’s $14.25 billion in first-quarter revenue this year — while the company has spun off businesses like its former managed infrastructure-service business Kyndryl Holdings Inc. KD, -3.24%, which began trading on the NYSE on Nov. 4.

A spokesman for IBM told MarketWatch the company is not commenting on rumors or speculation, while a request for Vista was not returned as of publication late Friday.

Read: IBM rolls into AI arms race with Watsonx

Shares of IBM were down less than 0.1% after hours Friday, following a 1.3% decline to close the regular session at $129.43.

The stock is down 8.2% year to date, versus a 1.8% gain on the Dow Jones Industrial Average DJIA, -0.65%, which counts IBM as a component, a 13.3% advance by the S&P 500 index SPX, -0.77% and a 28.9% rally by the tech-heavy Nasdaq Composite Index COMP, -1.01%.

IBM’s stock had a rough week, finishing down 5.9%, along with fellow Dow component Intel Corp. INTC, +0.89%, which saw shares fall 9.3% on the week.