Open source success drives Red Hat move into Asia
Concerns over China's economic slowdown as well have kept many global companies wary. Not Red Hat.
The open source software major is planning to spend tens of millions of dollars in China in the next five years as part of a broader effort to lift growth in Asia, which currently contributes a fifth to Red Hat's revenues, president and chief executive Jim Whitehurst told CNBC.
The North Carolina-based company is expected to cross $2 billion in revenues this year with a target to hit $5 billion in around five years. It is aiming to more than double the Asian ex-Japan share of its revenue to 20 to 25 percent in the same period—up from 10 percent now.