Linux company SUSE outbids competitors for fast-growing start-up Rancher Labs
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Linux company SUSE outbids competitors for fast-growing start-up Rancher Labs
SUSE, a Linux distribution company controlled by private equity firm EQT, has agreed to acquire Rancher Labs, a start-up with technology that helps organizations run software in virtual containers across many servers.
The companies announced the deal Wednesday but didn't disclose the terms. Two people familiar with the deal said SUSE is paying $600 million to $700 million.
The transaction suggests that even during a recession, demand remains high for technology that can enable companies to operate more efficiently.
Talks between the companies began in the spring, and the process became competitive with additional bids, Ursheet Parikh, a partner at Rancher backer Mayfield Fund, told CNBC on Tuesday. There were "lots of Zoom calls," Parikh said.
In the past few years, with the rise of start-ups such as Docker, containers became a trendy alternative to more traditional virtualization technology for running applications on each computer server in a company data center. Amazon, Microsoft and other cloud providers came out with services that developers can use to place code in containers, and in 2017 SUSE introduced its own service for managing containers. The companies haven't finalized integration plans as the deal still faces regulatory approval.
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SUSE to Acquire Rancher Labs, Creating World’s Largest Organization Exclusively Dedicated to Powering Digital Transformation With Open Source and Cloud Native Solutions
Today, SUSE embarks on a new chapter in our incredible 28-year journey. I am thrilled to share that, SUSE has signed a definitive agreement to acquire Rancher Labs, a market-leading, Enterprise Kubernetes Management vendor based in Cupertino, California.
This is an incredible moment for SUSE and for our industry, as two open source leaders join forces to create the world’s largest independent organization dedicated exclusively to powering digital transformation with open source and cloud native solutions.
I want to share my perspective on why we chose Rancher, and how this acquisition will benefit our customers, partners, and communities.
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