Having just finalized its purchase of Red Hat Inc. (RHT), International Business Machines (IBM) held an insightful briefing session for investors, releasing a new set of growth projections to 2021. The rationale for the RHT acquisition is clear - while IBM's core business has been growing, the IBM-RHT combination creates a hybrid cloud player, distinct in that it bridges the gap between traditional infrastructure, private and public clouds.
Though I was initially skeptical on the RHT acquisition prior to the investor briefing (IBM did pay 10.7x EV/NTM subscription revenue), I