Google to pay $625 million for software maker Apigee

Google is buying software development toolmaker Apigee for $625 million, the latest move by the search giant to bulk up its cloud-based offerings for businesses.

Alphabet’s Google has agreed to pay $17.4 a share in cash, San Jose, California-based Apigee said in a statement Friday. That’s a 6.5 percent premium to Apigee’s closing price Thursday. The companies expect the deal to be completed by the end of the year.

Apigee sells a platform that aids companies in managing their APIs, which are programming tools that help developers build software that talks to each other and shares information without revealing the underlying code. APIs have become an integral part of cloud software development, allowing one application to pull data and use services from multiple other programs. Bloomberg