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CNET News.com: Red Hat buys software firm, shuffles CEO

Nov 15, 1999, 17:55 (0 Talkback[s])
(Other stories by Stephen Shankland)

"Red Hat, the leading Linux seller, will acquire software company Cygnus Solutions for $674 million and has replaced its chief executive officer, the company said today."

"...chief operating officer Matthew Szulik will replace Bob Young as Red Hat's CEO, the company said. Young will continue as chairman of Red Hat's board. Red Hat will issue up to 6,624,344 shares to buy all the stock of Cygnus, a privately held company. Cygnus had been considering going public itself, and had even embarked on a name change to back up that strategy and find a stock ticker symbol."

"Cygnus has been an open-source company, meaning that like Red Hat it released the underlying programming instructions to the public. Cygnus also has joined companies such as Hewlett-Packard in helping to sidestep Sun's Java licensing requirements; has written an open-source operating system called Ecos designed for 'embedded' devices such as pagers and factory robots; and has helped companies such as Oracle and Corel port their software to Linux."

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