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IBM made a record deal by purchasing software at $ 34 billion



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IBM made a record deal by purchasing software at $ 34 billion

Red Hat sold for $ 34 billion

IBM's largest provider of computing services has closed a record deal in the history of the industry by purchasing Red Hat for $ 34 billion.

The world's largest provider of computer services, International Business Machines Corp. (IBM) has completed the purchase of Red Hat Inc. software developer. within the framework of an agreement worth about $ 34 billion, the press service of the company.

It has become the largest purchase in the history of IBM and one of the record for the industry as a whole.

Red Hat will also be headed by Chief Executive Officer Jim Whitehurst, who will now be subject to IBM CEO Gini Rometti. The Red Hat headquarters will remain in Raleigh (North Carolina State Administration).

After purchasing Red Hat for cloud-based businesses, it will account for about a quarter of IBM's revenue, against only 4% in 2013.

The Red Hat revenue for the fiscal year ended in February increased by 15% to $ 3.4 billion. In March-April, it also increased by 15% to $ 934 million.

IBM's capitalization dropped by 3.9% over the past twelve months, but since the beginning of the year, it has jumped 22.6% and now stands at around $ 124.6 billion.

Earlier it was reported that IBM had agreed on the largest purchase in the history of the company.

In 2017, IBM's net income declined 2.1 times to $ 5.75 billion.

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