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IBM Closes Its Acquisition of Red Hat for $34 Billion

IBM Closes Its Acquisition of Red Hat for $34 Billion
IBM Closes Its Acquisition of Red Hat for $34 Billion

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Yesterday, IBM and open source software provider Red Hat released a joint statement announcing that IBM has closed the transaction of their acquisition of Red Hat. The acquisition, which was announced last October, cost IBM a total of approximately $34 billion and sent waves of buzz and excitement in the cloud space. Both companies are hopeful that this will allow them to become a reckoning force in hybrid cloud technologies.

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In their statement, IBM noted that this acquisition will boost their hybrid cloud capabilities and allow them to dominate the hybrid cloud field. “The acquisition of Red Hat is a game-changer,” said Ginni Rometty, President and CEO of IBM. “It changes everything about the cloud market. IBM will become the world’s #1 hybrid cloud provider, offering companies the only open cloud solution that will unlock the full value of the cloud for their businesses.”

Red Hat offers several open source technologies for businesses, including a series of cloud computing tools. As one of the dominant open source vendors, Red Hat has been a leader in the push for open enterprise IT technologies. The IBM acquisition allows the tech giant to take advantage of Red Hat’s open source software to develop new technologies and increase their foothold in the open source market.

“When we talk to customers, their challenges are clear: They need to move faster and differentiate through technology,” stated Jim Whitehurst, President and CEO of Red Hat. “They want to build more collaborative cultures, and they need solutions that give them the flexibility to build and deploy any app or workload, anywhere. We think open source has become the de facto standard in technology because it enables these solutions. Joining forces with IBM gives Red Hat the opportunity to bring more open source innovation to an even broader range of organizations and will enable us to scale to meet the need for hybrid cloud solutions that deliver true choice and agility.”

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