Red Hat Reports 3Q, Acquires ManageIQ

Red Hat released its fiscal 3Q 2013 results in an official statement today. The company's revenue grew 18% on a year-over-year basis, to $344 million, while non-GAAP net profit was up slightly, to just under $57 million ($0.29 per diluted share).

That revenue figure beat analyst expectations of $338 million, while net income broadly matched estimates.

In a separate press release, Red Hat announced that it has acquired ManageIQ, an early-stage company that offers cloud management solutions. Red Hat will pay $104 million in cash; the buyout is subject to approval by ManageIQ shareholders.

Red Hat said the acquisition "is expected to have no material impact" on the company's revenue for the current fiscal year, but will add around $2 million to operating expenses starting in fiscal 2014.

The article Red Hat Reports 3Q, Acquires ManageIQ originally appeared on

Eric Volkman has no positions in Red Hat. The Motley Fool has no positions in Red Hat. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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