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RHT:NYSE – Large Cap Stock (Application Software)

Red Hat Inc – RHT Stock Overview

Last PriceToday's Change52-Week RangeTrading Volume
61.070.00 (0.00%)41.89 - 62.693.1 thousand (Below Avg)

Market data as of 12:00AM 08/27/14. Quotes are delayed by at least 15 min.

Press Release

Red Hat to Acquire eNovance, a Leader in OpenStack Integration Services

Business Wire - Wednesday 06/18/2014 8:00 AM ET

Addition of eNovance Deepens Red Hat’s OpenStack Technical Expertise

RALEIGH, N.C.--(BUSINESS WIRE)--Jun. 18, 2014-- Red Hat, Inc. (NYSE: RHT), the world's leading provider of open source solutions, today announced that it has signed a definitive agreement to acquire eNovance, a leading provider of open source cloud computing services. Combined with Red Hat’s existing leadership in OpenStack, the addition of eNovance’s systems integration capabilities and engineering talent is aimed at meeting growing demand for enterprise OpenStack consulting, design and deployment.

As noted by IDC analysts Laura DuBois and Ashish Nadkarni in their recent recap of the spring 2014 OpenStack Summit, "Integrators such as eNovance will continue to assist cloud service providers and enterprises in building large OpenStack clouds. ... The future for OpenStack is looking very bright. The next Summit in Paris, France, will take OpenStack to the next phase of its fascinating journey to become a de facto cloud OS."1

Founded in 2008 by Raphaël Ferreira, Nicolas Marchal and Pierre Molin, eNovance helps service providers and large-scale private enterprises build and deploy cloud infrastructures quickly and cost effectively. Additionally, they help leading organizations manage a multitude of customer web applications on many of the world’s largest public clouds. Like Red Hat, eNovance is at the forefront of the OpenStack community. The company is one of the top 10 contributors to the upstream OpenStack project, and is the only European Gold Member company of the OpenStack Foundation. eNovance has more than 150 global customers, including Alcatel-Lucent, AXA, Cisco, Cloudwatt, and Ericsson. The company has offices in Paris; Montreal; and Bangalore, India.

Red Hat and eNovance first partnered in 2013 to deliver OpenStack implementation and integration services to joint customers, helping to accelerate adoption of Red Hat Enterprise Linux OpenStack Platform. Most recently, in May 2014, the two companies announced an expanded collaboration to drive Network Functions Virtualization (NFV) and telecommunications innovations into OpenStack, aimed at delivering the industry’s most complete, carrier-grade telecommunications offering based on Linux, Kernel-based Virtual Machine (KVM), and OpenStack.

Red Hat has agreed to acquire eNovance, a privately-held company, for approximately 50 million Euros in cash and 20 million Euros in shares of Red Hat common stock, subject to certain adjustments at closing. The transaction is expected to close in June 2014, subject to customary closing conditions.

Red Hat will update its guidance and the effect of the eNovance acquisition during its Q1 Fiscal Year 2015 Earnings webcast. The call is scheduled to begin at 5:00 p.m. EDT today and can be accessed by the general public at Red Hat's investor relations website at http://investors.redhat.com. A replay of the webcast will be available shortly after the live event has ended.

Supporting Quotes

Raphaël Ferreira, co-founder & chief executive officer, eNovance

“eNovance, like Red Hat, understands the transformative power OpenStack can have on the enterprise market when it is both deployed and integrated in the right fashion. We are excited to become part of Red Hat, a company that not only offers one of the best-in-class OpenStack distributions on the market today, but also which shares our common belief that OpenStack is best deployed and integrated in a continuous and seamless manner. This shared philosophy, combined with our mutual deep expertise and capabilities will help us achieve our initial goal from the very founding of the company, which was to bring the power and openness of OpenStack to the broadest global audience possible.”

Arun Oberoi, executive vice president, Global Sales and Services, Red Hat

“eNovance is a world-class cloud computing services provider with a proven track record of successful global deployments. eNovance’s deep OpenStack expertise, combined with Red Hat’s enterprise-class OpenStack offerings, including Red Hat Enterprise Linux OpenStack Platform and Red Hat Cloud Infrastructure, can be a game-changer as a growing number of global organizations turn to OpenStack for their cloud deployments.”

Additional Resources

Connect with Red Hat

Connect with eNovance

About Red Hat, Inc.

Red Hat is the world's leading provider of open source software solutions, using a community-powered approach to reliable and high-performing cloud, Linux, middleware, storage and virtualization technologies. Red Hat also offers award-winning support, training, and consulting services. As the connective hub in a global network of enterprises, partners, and open source communities, Red Hat helps create relevant, innovative technologies that liberate resources for growth and prepare customers for the future of IT. Learn more at http://www.redhat.com.

Forward-Looking Statements

Certain statements contained in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the integration of acquisitions and the ability to market successfully acquired technologies, products and related services; risks related to delays or reductions in information technology spending; the effects of industry consolidation; the ability of the Company to compete effectively; uncertainty and adverse results in litigation and related settlements; the inability to adequately protect Company intellectual property and the potential for infringement or breach of license claims of or relating to third party intellectual property; the ability to deliver and stimulate demand for new products and technological innovations on a timely basis; risks related to data and information security vulnerabilities; ineffective management of, and control over, the Company's growth and international operations; fluctuations in exchange rates; and changes in and a dependence on key personnel, as well as other factors contained in our most recent Annual Report on Form 10-K (copies of which may be accessed through the Securities and Exchange Commission's website at http://www.sec.gov), including those found therein under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations." In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic and political conditions, governmental and public policy changes and the impact of natural disasters such as earthquakes and floods. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of this press release.

Red Hat and Red Hat Enterprise Linux trademarks of Red Hat, Inc., registered in the U.S. and other countries. Linux® is the registered trademark of Linus Torvalds in the U.S. and other countries. The OpenStack mark is either a registered trademark/service mark or trademark/service mark of the OpenStack Foundation, in the United States and other countries, and is used with the OpenStack Foundation's permission. We are not affiliated with, endorsed or sponsored by the OpenStack Foundation, or the OpenStack community.

1 From IDC: "OpenStack Grows Up - Observations from the 2014 Atlanta OpenStack Summit" - May 2014, IDC #248738, available at http://www.idc.com/getdoc.jsp?containerId=248738.

Source: Red Hat, Inc.

Red Hat, Inc.
Media Relations:
Stephanie Wonderlick, +1-571-421-8169
swonderl@redhat.com
or
Investor Relations:
Tom McCallum, +1-919-754-4630
tmccallum@redhat.com

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