Red Hat unveils $175 million acquisition
04/30/2014 9:54 AM
04/30/2014 9:55 AM
Business software company Red Hat has agreed to pay $175 million in cash for a California-based company whose open-source software enables mega-scale data storage.
Red Hat is acquiring privately held Inktank Ceph Enterprise, a 50-employee company that was founded in 2012 and has offices in Los Angeles and San Francisco.
Inktank’s customers include Cisco, CERN and Deutsche Telekom. Its revenue wasn’t disclosed.
“Inktank has done a brilliant job assembling a strong ecosystem around Ceph and we look forward to expanding on this success together,” Brian Stevens, Red Hat’s chief technology officer, said in a prepared statement.
Raleigh-based Red Hat said that the acquisition, which is expected to close next month, won’t have a material effect on its financial performance for the fiscal year that ends Feb. 28.
Intank CEO Sage Weil stated in a blog post: “For existing Inktank customers, this is going to mean turning and reliable and robust storage system into something that delivers even more value.”
Red Hat shares closed Wednesday at $48.65, up 12 cents. The stock is down 13 percent this year.
Join the Discussion
News & Observer is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere on the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.