Red Hat to Become First Ever Billion Dollar Open Source Company in 2011

This is exactly why Red Hat is one among the most remarkable open source success stories that are changing the world as we know it. According to Forbes, when you consider the current rate of growth of the company, Red Hat will likely reach $1 billion in annual revenue in 2011 itself making it the first ever open source firm to achieve this feat.

Red Hat is Growing from Strength to Strength

Red Hat is all set to become the first ever open source company to reach $1 billion dollar or more in revenues. And according to Forbes, this is going to happen in year 2011. Only a handful of companies, probably less than 20 software firms, have ever hit this milestone, which makes the news ever more special. Red Hat truly is in a league of its own.

Forbes adds that, "Red Hat’s growth reflects IT’s embrace of open source. Red Hat has made it to a billion my selling a subscription service that provides a stable, supported, distribution of the Linux operating system."

Earlier this year, Fortune had written full length article on how corporate America is slowly turning towards open source. Open Source story is definitely gaining acceptance among mainstream media and big software firms alike.

• Further reading - Red Hat At $1 Billion