Red Hat looks at New Zealand for further open source growth

12.04.2012
Red Hat has become the first open source company to exceed US$1 billion in annual revenue.

The 17-year-old software vendor posted revenue of US$1.13 billion for its fiscal 2012 year, up 25 percent over the previous corresponding year. Non GAAP adjusted net income for the year was US$216.4 million.

"The bulk of the $1.13 billion was done on the subscription model, which proves the level of adoption of open source," says Craig Neilson, Red Hat New Zealand general manager.

Red Hat opened an office in New Zealand a year ago.

Neilson won't comment specifically on the local financial results but says 82 percent of the top 130 organisations in New Zealand are Red Hat customers.

"This high penetration shows that New Zealand organisations are early adopters of open source generally," he says.