IBM Buys Linux Company Red Hat for $34B to Become World's Leading Cloud Provider

Red Hat Inc. announces that IBM has bought the Linux provider company for $34 billion in an attempt to become the leading hybrid cloud solutions provider.

Jim Whitehurst, Red Hat's president and CEO, broke the news a few hours ago when he shared an email with the Red Hat associates to inform them that a deal was made between IBM (International Business Machines Corporation), a multinational information technology company, to acquire Red Hat for 34 billion US dollars. With this move, they want to create a leading hybrid cloud provider.

"We have barely scratched the surface of the opportunity that is ahead of us. Open source is the future of enterprise IT. We believe our total addressable market to be $73 billion by 2021. If software is eating the world - and with digital transformation occurring across industries, it truly is - open source is the key ingredient," said Red Hat president and CEO Jim Whitehurst.

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