Red Hat, Inc. (NYSE: RHT), a Raleigh, N.C.-based provider of open source solutions, acquired FeedHenry, an Irish provider of a cloud based Mobile Application Platform, for €63.5m.
FeedHenry expands Red Hat’s portfolio of application development, integration, and Platform-as-a-Service (PaaS) solutions, and support mobile application development in public and private environments.
Founded in 2010 and led by Cathal McGloin, CEO, FeedHenry provides a cloud based Mobile Application Platform that accelerates development & collaboration on mobility projects. The platform offers a suite of features that embrace collaborative app development across multiple teams and projects, flexible and open development toolkits, centralized control of security & back-end integration, and a choice of cloud and on-premise deployment options.
The acquisition will deliver over €14m in cash to Kernel Capital comprised of an 8 times multiple on its 2010 Bank of Ireland Seed and Early Stage Equity Fund investment of €500k (read here) and a 5 times multiple on its 2013 Bank of Ireland Kernel Capital Growth Fund investment of €2m (read here).
Other investors included Intel Capital, VMware, Enterprise Ireland, and ACT Venture Capital.
FinSMEs
22/09/2014