Red Hat has reported record-breaking fourth-quarter results, and claims to be close to becoming the first billion dollar open source firm.
Revenues rose 25 per cent year on year to $244.8m, and chief executive Jim Whitehurst said that growth did not drop below 20 per cent for all four quarters of last year.
Red Hat revenues for the year reached $909.3m, up 22 per cent on 2010, while subscription revenues rose 21 per cent to $773.4m.
"This is a very strong finish to a record year. With record bookings and billings in the fourth quarter, we are on a run rate to become the first pure-play open source company to achieve $1bn in revenues next fiscal year, a milestone achievement for Red Hat and the open source community," said Whitehurst.
Key to the good results was strong growth in the cloud and datacentre markets, according to Whitehurst, and the company's platform, virtualisation and middleware products were also strong revenue generators.
Red Hat had weathered the recession well, he added, and 24 of the 25 major contract renewals expected for the fourth quarter had been confirmed, at 130 per cent of the value of the previous year.
Sales for the year were split 60/40 between the channel and direct routes respectively.
"In addition to growing throughout the recession, our fiscal performance shows that Red Hat's value proposition is equally compelling as the economic climate and IT spending improves," said Charlie Peters, chief financial officer of Red Hat.
"Importantly we also continued to grow market share throughout the period."
Whitehurst said that further company plans will be announced at JBoss World in May.
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