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Apache Today: Red Hat Completes C2Net Acquisition for Approximately $42.7 Million

Sep 13, 2000, 13:27 (0 Talkback[s])

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"Red Hat completed the acquisition of privately-held C2Net Software, the developer of the Apache-based Stronghold secure web server. C2Net's Stronghold, which is available for many operating system platforms, is the most popular commercial SSL Web server on the Internet with more than 30 percent of the secure web server market."

"The transaction was valued at approximately $42.7 million based on an average closing price of Red Hat's common shares for a seven-day period ended August 16, 2000. Under the terms of the transaction, Red Hat issued 1,992,877 shares of Red Hat common stock in exchange for all of the outstanding securities of Oakland, California-based C2Net. The acquisition has been accounted for as a purchase."

"Red Hat continues to broaden its product offerings to provide a single source of complete Internet infrastructure solutions for its enterprise customers. C2Net is the fifth major acquisition for Red Hat in 2000 following the acquisition of: (1) WireSpeed, a leading developer of network and telecommunications software that helps connect a new generation of post-PC and embedded devices to the Internet and secure Web servers like Stronghold; (2) Bluecurve, whose performance management solutions allow organizations to simulate and measure user activity and demands placed on the Internet infrastructure and applications; (3) Hell's Kitchen Systems, Inc. (HKS), a provider of e-commerce payment processing software critical for any company trying to conduct business on the Web; and, (4) Cygnus Solutions, a top provider of a wide variety of software, tools, services and developer support for servers, real-time operating systems (RTOS) and embedded, post-PC platforms."

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