Red Hat Acquires E-Commerce Software Firm
Page 1 of 1
Linux software distributor Red Hat Inc. Wednesday purchased e-commerce payment processor Hell's Kitchen Systems in a stock deal valued at $85.6 million.
Red Hat (RHAT) will exchange up to 398,335 shares of common stock for all outstanding Hell's Kitchen shares.
Red Hat said the deal will add e-commerce payment processing software to its product lineup. Already, more than 150 Internet providers use HKS' payment processing software.
"Red Hat's global reach and brand recognition delivers HKS' e-commerce software to the open source servers running the world's Internet infrastructure," said Matthew Szulik, Red Hat's president and chief executive officer.