Updated Enterprise software company HashiCorp and its executives have been sued by an investor who claims the public company's deal to be acquired by IBM is designed to enrich executives at the expense of shareholders.
IBM buys Hashicorp. What can you expect?
The lawsuit [PDF] was filed Monday in US federal court in Oakland, California, on behalf of someone said to be a shareholder in HashiCorp.
It claims that HashiCorp's board of directors – Dave McJannet (CEO), Armon Dadgar (Co-Founder, CTO), Glenn Solomon, Susan St Ledger (President, Worldwide Field Operations), Todd Ford, Sigal Zarmi and David Henshall – agreed to allow the business to be acquired by Big Blue mainly for their own benefit and in violation of US law.
On April 24, HashiCorp and IBM jointly announced that Big Blue had agreed to buy HashiCorp for $35 per share in cash, for a total cost of $6.4 billion. IBM justified the deal by saying that HashiCorp's Terraform infrastructure provisioning software would help enterprise customers.
