IBM has agreed to acquire cloud software provider HashiCorp for $35 per share in cash, valuing the deal at $6.4 billion net of cash. The acquisition is expected to be accretive to IBM’s earnings and cash flow in the future. However, IBM’s first-quarter revenue fell short of analysts’ estimates, marking the third revenue miss in the past five quarters. Revenue from software, consulting, and infrastructure services all came in below expectations, despite an increase in overall revenue of around 1.5% year-over-year. IBM shares dipped 3% in extended trading after the announcement.