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Open Source Cloud Authors: Yeshim Deniz, Liz McMillan, Elizabeth White, Pat Romanski, Zakia Bouachraoui

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Redhat buys Qumranet, KVM's developer!

“With this acquisition, Red Hat has clearly positioned itself as a competitor within the Virtual Desktop market," said Michael Rose, Research Analyst at IDC. "KVM not only represents a competent platform for hosting virtual desktops and other workloads, but protocols such as SPICE will increase the performance that users can expect to experience from their server-based computing environments, making the platform viable for a larger set of users.”

“Red Hat is a global leader in innovative technologies and has collaborated enthusiastically with us since the very beginning,” said Benny Schnaider, CEO at Qumranet. “I, along with the entire Qumranet team, am pleased to be joining Red Hat to create market-leading virtualization solutions. Qumranet's technologies, when combined with Red Hat's business, product and channel capabilities, will be well-positioned to provide virtualization solutions that really meet customers' business needs – for the server and the desktop. And, equally important, Red Hat's commitment to open source means that our technologies can be shared, improved and enjoyed by the entire open source industry.”

Under the terms of the transaction, Red Hat paid approximately $107 million in cash for Qumranet, a privately held company. The acquisition is not expected to contribute materially to revenue in the fiscal year ending February 28, 2009, but should add up to $20 million in revenue in the following year. Red Hat expects Qumranet operating expenses will be approximately $3.5-4.5 million per quarter before non-cash stock-based compensation expense, amortization expense and other charges resulting from the closing of the acquisition. The transaction is expected to be dilutive to FY09 GAAP earnings by $0.05 to $0.06 per diluted share and to FY09 GAAP cash flow from operations by $0.03-$0.04 per diluted share. UBS Investment Bank acted as the sole strategic advisor to Red Hat in this transaction.

To learn more about this announcement, join Red Hat’s virtualization webcast, which will be broadcast live at 8 a.m. ET on September 4. The webcast will also be available for replay. To join, visit http://phx.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c= 67156&eventID=1930459. (Due to the length of this URL, it may be necessary to copy and paste it into your Internet browser's URL address field. You may also need to remove an extra space in the URL if one exists.)

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