IBM completes $34 billion acquisition of Red Hat

IBM closes deal to buy NC tech company for $34 billion

With IBM's acquisition of Red Hat now formally completed, both companies are working to reassure customers and channel partners that the new arrangement will be good for technology-hungry enterprises and for the MSPs, VARs, resellers and others that help them build and manage their IT systems.

IBM's cloud revenue has grown to 25% of total revenue now, from 4% in 2013, the Armonk, New York-based company said.

The opportunities offered by cloud computing remain enormous as IBM estimates most enterprises today are only 20 percent into their transition to the cloud. The company was in fourth place in 2017, but has now fallen behind Alibaba. Krishna stressed that the Red Hat acquisition is not about achieving any cost synergies.

IBM's revenue in 2018 was $79.6bn, against which Red Hat's $3.4bn for the full year ending February 2019 is small.

IBM closed its $34 billion purchase of Red Hat, sealing the world's second-largest technology deal ever and setting up the iconic US technology company on a path to try and compete with top software purveyors in the cloud. The company lags behind Amazon and Microsoft in the cloud infrastructure business. The platform will allow companies to run and manage their data and applications both on-site and on private and multiple public clouds.

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Red Hat's current management team will continue, led by CEO Jim Whitehurst, who will now report to IBM CEO Ginni Rometty.

The proliferation of the hybrid cloud - a world within itself, has brought about a slew of changes in the global technology and industrial landscape.

IBM had received the European Union antitrust approval for its acquisition last month, as it looked forward to combating its declining sales of software and mainframes, by expanding its subscription-based software portfolio. "We know first-hand how important and impactful cloud technology contributes to unlocking business value". This includes the importance of open governance and helping open source projects and communities flourish through continued contribution.

Going a step further Krishna explained that Red Hat's sales teams will not be folded into IBM sales teams. Red Hat's pioneering business model helped bring open source – including technologies like Linux, Kubernetes, Ansible, Java, Ceph and many more – into the mainstream for enterprises. By 2023, an additional 640,000 people are expected to work in Red Hat-related jobs. Together, the two companies have committed to expanding this longstanding commitment through new joint initiatives, addressing education and skills, civic and societal needs and Science, Technology, Engineering, and Math (STEM) workforce development.

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