International Business Machines Corporation (NYSE:IBM) is looking for acquisitions. Robert Thomas, SVP, Software and Chief Commercial Officer said, "I think since Arvind became CEO, we've done over 30 acquisitions, 60% or so software, 40% consulting. So we've been aggressive but also disciplined.

And so number one is we know the spaces that we want to do acquisitions in. It's back to the areas that I talked about in software. It will be automation.

It will be data AI -- data and AI. It will be cybersecurity. It will be hybrid cloud.

Like those are the areas that we'll focus on. Given the, I'd say, the macro environment over the last year where there's been a little bit of a disconnect on valuations, we've had to be patient and opportunistic as things become possible. We've done 5 deals this year in software, which are probably below the radar for what many of you think about.

But I think it shows that we have different muscles, different archetypes. We've done smaller deals that accelerate organic innovation that we're doing. We did one in data security just recently.

So we've been active, but for the moment, we're looking at what are the ones that make the most sense. We definitely are looking for things that are more sizable than some of the smaller tuck-in ones. And -- but that will be about the economics, finding the right fit to the portfolio.

And so we'll keep our eyes open here".