IBM acquires cloud software provider Red Hat for $34B: 5 notes

IBM announced July 9 that it closed its $34 billion acquisition of Red Hat, an open-source cloud software vendor.

Five notes:

1. Through the acquisition, IBM and Red Hat will offer a hybrid, open-source platform that will allow businesses to move their applications across multiple private and public clouds.

2. Red Hat will operate as a distinct unit within IBM's cloud and cognitive software division.

3. IBM aims to preserve Red Hat's neutrality amid open-source cloud development projects, and will expand Red Hat's existing partnerships with other cloud vendors, including Amazon Web Services, Google Cloud and Microsoft Azure.

4. Jim Whitehurst, Red Hat president and CEO, will continue leading the company but will also join IBM's senior management team under IBM CEO, Chairman and President Ginni Rometty.

5. IBM will maintain Red Hat's headquarters in Raleigh, N.C., as well as the company's facilities, brands and practices.

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