IBM to acquire open source company Red Hat for a whopping $34 billion

$34 billion. 

That's how much IBM has offered to pay, in cash, to acquire the open source software company Red Hat. 

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Red Hat gives away its core product — the Red Hat Linux distribution — for free, but it makes money on support and cloud computing. And the latter is where IBM's focus is at.

“The acquisition of Red Hat is a game changer. It changes everything about the cloud market. IBM will become the world’s #1 hybrid cloud provider," said IBM Chairman, President and CEO Ginni Rometty. 

Today is a banner day for #opensource. Red Hat will be combining forces with @IBM in the largest software transaction in history and it’s an open source company. Read Paul Cormier's thoughts: https://t.co/trjpJMk3w9 https://t.co/G8SKS5gsVk pic.twitter.com/FfPpzqiqUN

— Red Hat, Inc. (@RedHat) October 28, 2018 Read more...

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via Tech News Digest