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IBM Buys Red Hat for $34 Million

Monday Oct 29th 2018 by Developer.com Staff

The deal will benefit IBM's hybrid cloud computing business.

IBM has announced that it is purchasing Red Hat for $34 billion in "the most significant tech acquisition of 2018." Both IBM and Red Hat are major contributors to open source software. The deal will also have huge implications for the cloud computing landscape, as IBM CEO Ginni Rometty noted, saying "The acquisition of Red Hat is a game-changer. It changes everything about the cloud market."

Red Hat has cloud partnerships with Amazon Web Services, Microsoft and Google. This means that after the deal, IBM will be in business with all of its biggest cloud competitors.

IBM Cloud reported revenue of $19 billion in the most recent quarter.

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