Here's an interesting news release. Maybe ECHO will be next...
Red Hat to buy Hell's Kitchen Systems
By Deborah Adamson, CBS MarketWatch
Last Update: 6:05 PM ET Jan 5, 2000 Silicon Stocks
RESEARCH TRIANGLE PARK, N.C. (CBS.MW) -- Red Hat said Wednesday it will pay up to $102 million in stock for closely held Hell's Kitchen Systems in an effort to beef up its suite of e-commerce services.
Red Hat (RHAT: news, msgs), which makes operating system software based on Linux, said it will exchange a maximum of 398,335 shares for the company. The deal is expected to close within weeks. Red Hat closed up 41 at 256.
The purchase would give Red Hat access to payment processing software developed by Hell's Kitchen. The software enables companies to conduct business over the Web.
In addition, Red Hat will bundle Pittsburgh-based Hell's Kitchen's credit card verification software with the professional edition of its Linux operating system.
Tim Buckley, Red Hat's chief operating officer, told CBS.MarketWatch.com that Hell's Kitchen's system lets companies deal directly with the bank instead of going through a third party.
Research Triangle Park, N.C.-based Red Hat said the acquisition fits into the company's strategy of helping clients move their business to the Internet and its focus on the next-generation of post-PC devices. Last November, Red Hat bought Cygnus Solutions, an open source software developer. |
