The importance of using appropriate and effective IT means to facilitate business functions have been acknowledged and discussed by practitioners and scientists over the past two decades thus giving a rise to the Business and IT alignment (BITA) problem. In BITA, the issue of sharing and processing large amounts of information from distributed and heterogeneous sources is of significant importance. Ontologies have shown their usability for this type of tasks. However, they also bring new challenges. The paper proposes utilising of the Semantic Web technologies to assist in solving them. Namely, the paper describes application and adaptation of the ontology matching algorithm for the BITA problem. The algorithm integrates different matching models. Its operation is shown via an illustrative example.