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BW: Red Hat, Inc. Announces Red Hat Ventures Investment Unit

May 10, 2000, 00:46 (0 Talkback[s])

"Red Hat, the market leader in open source Internet infrastructure solutions, today announced the formation of Red Hat Ventures, a new division of Red Hat devoted to supporting Open Source and Internet infrastructure startups through a combination of direct venture funding and strategic business relationships with Red Hat. Red Hat Ventures' objective is to leverage Red Hat's leadership in the Open Source & Linux market to accelerate the breadth of tools, services and technologies available to customers, and deliver on the promise of making Linux and other Open Source technologies the platform of choice for deploying and extending Internet infrastructure."

"Red Hat has already taken stakes in a number of key Open Source-related startups, including Sendmail Inc., Rackspace.com, ZoneTrader.com, techies.com and e-smith. Red Hat Ventures will be accelerating its investment activity, taking stakes of $500,000-$2,000,000 in exciting new companies while simultaneously establishing significant business relationships with those companies. Rackspace.com and Zonetrader.com are key partners in the recently launched redhat.com Marketplace."

"It was important to us that Red Hat Ventures be much more than a source of financing for these companies," said Matthew Szulik, President and CEO of Red Hat. "As the leading provider of Linux-based Internet infrastructure solutions, we see huge opportunities in creating true partnerships with these companies: we accelerate their ability to reach the global Linux market and they enhance our ability to offer the broadest range of Internet solutions to enterprise customers."

Press Release