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Red Herring: Linuxcare nabs $32.5 million

Dec 16, 1999, 18:54 (0 Talkback[s])
(Other stories by Matthew A. DeBellis)

"Fernand Sarrat, CEO of Linuxcare, admits that new financing raised by the company this week allowed him to dream of escaping dot-com mania for the beaches of Rio de Janeiro. But it didn't take long for him to snap out of it. "We're not going to Brazil," Mr. Sarrat told a group of business partners, journalists, and Linuxcare employees Tuesday morning...."

"Linuxcare wants to be the ultimate services and support company for Linux, an open-source operating system that's gaining support among computer users and investors alike. Look no further than VA Linux...for an example of Wall Street's latest love affair with the technology sector. The company, which builds computer systems that run Linux, began trading on Nasdaq last week at more than ten times its IPO price, the highest first-day jump in history. Shares closed at $173 7/8 each on Tuesday...."

"Linuxcare set out to raise $25 million, and was offered a total of $300 million, Mr. Sarrat claimed. A number of Japanese banks were among those shut out of the round."

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