Linux operating system vendor Red Hat Inc said it will purchase privately held storage systems provider Inktank Ceph Enterprise for $175 million to expand in the fast growing market for software-defined storage. Inktank's open-source Ceph software helps its customers replace legacy storage systems and increase the scale of their storage.Red Hat said it expected the purchase to be completed in May this year. It also reaffirmed its 2015 outlook.Inktank, founded in 2012, counts Cisco, CERN and Deutsche Telekom as customers.
Red Hat, Inc. (Red Hat) is a global provider of open source software solutions, using a community-powered approach to develop and offer operating system, middleware, virtualization, storage and cloud technologies. Shares of RHT traded higher by 0.71% or $0.34/share to $48.53. In the past year, the shares have traded as low as $41.89 and as high as $61.45. On average, 1786990 shares of RHT exchange hands on a given day and today's volume is recorded at 1301679.
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