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IBM to acquire software company Red Hat for $34 billion

Updated : October 29, 2018 09:58 AM IST

The transaction is by far IBM's biggest acquisition. It underscores IBM Chief Executive Ginni Rometty's efforts to expand the company's subscription-based software offerings, as it faces slowing software sales and waning demand for mainframe servers.
Founded in 1993, Red Hat specializes in Linux operating systems, the most popular type of open-source software, which was developed as an alternative to proprietary software made by Microsoft Corp.
IBM to acquire software company Red Hat for $34 billion
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