On April 24, 2024, IBM and HashiCorp Inc., a leading multi-cloud infrastructure automation company, announced that they have entered into a definitive agreement under which IBM will acquire HashiCorp for $35 per share in cash, representing an enterprise value of $6.4 billion. Wilson Sonsini Goodrich & Rosati is advising HashiCorp on the transaction.

HashiCorp's suite of products provides enterprises with extensive Infrastructure Lifecycle Management and Security Lifecycle Management capabilities to enable organizations to automate their hybrid and multi-cloud environments. IBM’s acquisition continues its deep focus and investment in hybrid cloud and AI, the two most transformational technologies for clients today.

HashiCorp boasts a roster of more than 4,400 clients, including Bloomberg, Comcast, Deutsche Bank, GitHub, J.P Morgan Chase, Starbucks, and Vodafone. HashiCorp's offerings have widescale adoption in the developer community and are used by 85 percent of the Fortune 500. Their community products across infrastructure and security were downloaded more than 500 million times in HashiCorp's FY2024.

The boards of directors of IBM and HashiCorp have both approved the transaction, which is subject to approval by HashiCorp shareholders, regulatory approvals, and other customary closing conditions. The transaction is expected to close by the end of 2024.

The Wilson Sonsini team advising HashiCorp on the acquisition includes:

Corporate/M&A
Tony Jeffries
Michael Coke
Amanda Urquiza
Marty Korman
Doug Schnell
Remi Korenblit
Kenji Strait
Jacie Valentine
Ryan Cooper
Michael Anthony
Jacob Morales
Matt Katona

Antitrust
Maureen Ohlhausen
Taylor Owings
Robin Crauthers
Baasil Shariff
Elizabeth Wentross

Employee Benefits and Compensation
Scott McCall
Mark Cornillez-Ty
Emma Wilcox

National Security
Josephine Aiello LeBeau
Seth Cowell
Anne Seymour

Regulatory
Joshua Gruenspecht
Bryan Poellot

Privacy and Cybersecurity 
Matthew Staples
Daniel Xi Chen
Dantam Le

Technology Transactions
John McGaraghan
Shivang Patel
Kristina Wang

Employment Law
Matthew Gorman
Colleen Angus-Yamada

Real Estate 
Susan Reinstra
Sean Wilkinson

Environmental
Martin Sul

Tax
Myra Sutanto Shen
Brandon King
Beau Brawner

Trademarks 
Ava Shelby

For more information, please see the companies’ news release.