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Open-source cloud software provider Red Hat has agreed to acquire cloud management startup ManageIQ for $104 million in cash, the company announced today in conjunction with its quarterly earnings.

ManageIQ provides enterprise customers all kinds of management solutions to deploy and optimize private, public, and hybrid clouds. That makes it a great fit with Red Hat, which has seen promising traction with its open-source cloud software solutions for the enterprise. Red Hat recently launched its OpenShift Platform-as-a-Service for enterprise customers.

“For enterprise cloud initiatives, effective cloud management is critical,” Paul Cormier, president of products and technologies at Red Hat, said in a statement. “ManageIQ offers robust features, including orchestration, policy, workflow, monitoring, and chargeback, that deepen Red Hat’s cloud management capabilities and bring the promise of open hybrid cloud a step closer for the industry.”

For Red Hat’s earnings, the company reported third-quarter revenue of $343.6 million, which is up 18 percent year-over-year. Red Hat’s net income for the quarter totaled $34.8 million, or $0.18 per diluted share.

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