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More Than the Cloud at Stake as Tech Dealmaking Rages On

Tech CEOs, like other company insiders, know when to sell.

With the Nasdaq at all-time highs, both the bid and ask sides of tech M&A are active right now.

The latest incarnation occurred Thursday when Alphabet's (GOOGL) Google subsidiary agreed to acquire Apigee (APIC) , whose technology makes it easier to integrate software into cloud-based apps and services.

By snapping up a startup focused on APIs, or application programming interfaces, Google hopes the deal can help it become even more appealing to developers.

And Google isn't alone in seeking cloud-based acquisitions. Cloud service businesses are at the top of many shopping lists, as some in the industry are betting IT assets rented remotely -- rather than owned on corporate campuses -- will capture a growing share of the huge IT services market.

Market researcher Gartner estimated the total market for what it calls 'public cloud services' will rise 16.5% this year to roughly $200 billion.

"This round (of consolidation) is just getting started," said VMWare CEO Pat Gelsinger in an interview with TheStreet in San Francisco.

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