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IBM to acquire utility business red Hat for $34 billion | killexams.com Real Questions and Pass4sure dumps

(Reuters) - IBM Corp’s (IBM.N) $34 billion (26.55 billion kilos) deal to purchase red Hat Inc (RHT.N) drove shares in the small however quick-turning out to be application maker about 50 % better on Monday, reflecting the large top class IBM is paying to avoid any talents challenger bids.

At $172, shares of pink Hat have been nonetheless buying and selling around $18 in need of the $one hundred ninety fee agreed by using both companies in Sunday’s announcement, and analysts observed that pointed to a few last nerves amongst investors over the possibilities of the deal closing.

The breakup price for the deal, which might be among the many greatest on list in the tech sector, has yet to be introduced and a high price would also deter red Hat from enjoyable different patrons.

IBM’s stock became down 2 percent on information of the deal, a hint that traders had been worried that, at 10 instances 2019 projected sales, it had overpaid for the deal.

The company’s Chief executive Officer Ginni Rometty informed CNBC in an interview aired early on Monday that she felt the deal became done on the right rate.

“here is a really fair expense...(crimson Hat CEO Jim Whitehurst) has developed an excellent business, and in contrast to others, high increase, high income and money and so here is why I suppose really these are important issues for our traders,” Rometty spoke of.

One brokerage, Stifel, raised the prospect of a competing offer from one of the vital other most important avid gamers in cloud computing for whom the deal represents the emergence of a extra mammoth rival.

“Google, Amazon, and Microsoft (and potentially Oracle) have the strategic motivations and fiscal materials to consummate the sort of transaction and would not be surprised if we were to look one in all them make a competing bid,” analysts from Stifel noted in a note.

Rometty informed Reuters on Sunday that the expanding use of cloud services from diverse suppliers changed into the driving drive at the back of the deal together with the upward thrust of the so-known as hybrid cloud, by which organizations run some of their software in their personal records centres and other features of it in facts centres run by IBM, Amazon web functions or Google Cloud, among others.

crimson Hat has been investing heavily in tech tools corresponding to so-referred to as “containers,” which make it less complicated for corporations to break up up their computing work amongst a mixture of data centres.

“They desire choice and we're going to provide it to them,” Rometty observed. “Multi-cloud is a reality of lifestyles.”

In buying pink Hat, IBM can have assembled a cloud that comprises physical servers, its personal working gadget and applications like human components software.

but the mixed entity will additionally sell application that runs on its consumers personal hardware and different clouds. in an effort to put it in direct competitors with organizations like Microsoft, which has an identical mix of application and cloud services.

“we are going to both compete and companion with those other clouds,” Rometty observed. “The component about IBM is, we’ve been around lengthy adequate to know here's a multi-cloud world.”

Jim Whitehurst, the CEO of red Hat, pointed out the use of distinctive clouds has been an advantage for pink Hat.

Cloud suppliers reminiscent of Amazon frequently present a apartment-made version of the Linux operating device without charge or at little cost. but that version of Linux is purchasable handiest on Amazon, and if the company wants to run utility on yet another cloud they might should be sure it works with a distinct edition of Linux there.

pink Hat presents a typical version of Linux that runs on frequently attainable clouds in addition to a company’s personal facts centres, and Whitehurst noted red Hat purchasers were more and more operating its operating gadget on public clouds.

“we're growing to be faster on the general public clouds than the general public clouds are becoming,” Whitehurst spoke of in an interview. “Yeah, you pay us a bit further versus a free cloud providing, but you get the improvement of a standard working ambiance.”

Analysts had raised considerations that the purchase might also alienate purchasers caring that IBM will infringe on the neutrality of crimson Hat, which is dubbed as “Switzerland of the IT stack.”

IBM reiterated on a conference name on Monday that purple Hat would continue to be led with the aid of Whitehurst and pink Hat’s latest management crew. It additionally intends to maintain red Hat’s headquarters, facilities, brands and practices.

Reporting by using Pushkala Aripaka and Supantha Mukherjee in Bengaluru, Stephen Nellis in San Francisco; modifying with the aid of Patrick Graham

IBM Is going down - however it can also be Saved | killexams.com Real Questions and Pass4sure dumps

Introduction

In September, I wrote a piece of writing that chronicled the slow decline of international company Machines (IBM). The article focused on the company’s declining revenues and margins and the fallacy it truly is Watson that has been overhyped and over-marketed. due to the fact the article was posted, things have gotten worse for the company. Its stock expense has declined from $a hundred forty five to the latest $123.

because of this, its market valuation has declined from greater than $130 billion to the existing $112 billion. This valuation makes IBM moderately valued in comparison to other technology agencies. In IBM, traders are paying 19X trailing income and 8X ahead salary. here is vastly decrease than what investors are paying for different old tech agencies like Oracle (ORCL), Microsoft (MSFT), Apple (AAPL), and Cisco (CSCO) which have a standard forward PE ratio of 15. in a similar way, IBM has a forward PS ratio of 1.forty one, which is decrease than the general of these businesses of four.sixty five.

all the way through IBM’s decline, many traders – together with Warren Buffet – have invested in the enterprise, hoping that it's going to obtain a turnaround. they have all been disenchanted as the enterprise’s inventory has persevered to look reduce lows. short retailers nonetheless were rewarded because the inventory has misplaced 17% of its value this yr. The brief hobby has increased from 14 million in January to the existing 21 million.

in my opinion, IBM will proceed to underperform because it lacks a catalyst for you to take the inventory higher. This evaluation might be a follow as much as the old article and should highlight greater problems that the large blue is dealing with and the way it can also be saved.

Elephant within the Room: RHT

When big corporations are in decline, they have got a addiction of constructing poor choices in particular in terms of acquisitions. Two examples of this are the choice through Sears Holdings (SHLD) to purchase ok-Mart and the resolution by using widespread electric powered (GE) to purchase Baker Hughes (BHGE). lamentably, IBM determined to follow the footsteps of these companies.

Two weeks ago, the enterprise introduced that it would spend $34 billion to acquire red Hat (RHT). IBM would acquire RHT for $190, which was a 63% top rate. In its announcement, IBM’s CEO pointed out that:

The acquisition of red Hat is a game-changer. It adjustments every thing concerning the cloud market. BM will become the world's #1 hybrid cloud company, offering agencies the simplest open cloud answer to be able to unlock the complete value of the cloud for their organizations

This announcement jogged my memory of what GE’s Jeff Immelt talked about when he introduced the acquisition of Baker Hughes.

BHGE is an industry chief placed to convey in any financial atmosphere and help our customers in driving productiveness. This deal capitalizes on the present cycle in oil and gas whereas additionally strengthening our position for the market healing. As we go ahead, the brand new fullstream offering quickens our skill to lengthen a digital framework to clients while offering world-classification technical innovation and service execution. We look ahead to continuing a seamless integration for our purchasers.

what is distinct within the two statements is that Immelt was right about the scale of Baker Hughes. even so, Virginia Rometty’s remark became demonstrably incorrect. First, in the press conference, IBM used the word cloud 43 times and based on Rometty, the deal will support IBM take an more suitable market share in the cloud industry. however, a look at pink Hat’s revenues suggests a unique photo. Most of its revenues come from infrastructure-related choices while the subsequent salary comes from application building and different emerging expertise choices. In its 10K, it describes the subscription offerings as: earnings generated from purple Hat commercial enterprise Linux and linked technologies such as purple Hat satellite and crimson Hat Virtualizations.

supply: purple Hat

This element become also noted by way of Barron’s article that interviewed an analyst from Bernstein who cited that:

more than half of crimson Hat’s earnings was generated by using its common on-premise server working-gadget enterprise, which isn’t at once tied to the cloud and has a slowing growth rate.

further, whereas Amazon’s (AMZN) cloud grew with the aid of forty six% in 2017, pink Hat’s cloud-related revenues rose through just 14%. on the same time, the annual revenues of pink Hat are just under $three billion with the net revenue being under $300 million. Worse, IBM is paying fifty five instances RHT’s estimated sales, which is a hefty valuation given that that many groups in the sector are obtained at 4.5 instances ahead revenue.

hence, all this does not justify the hefty $34 billion. additionally, here's now not the first time that IBM has overpaid for its cloud functions. In 2013, when it announced the acquisition of Softlayer, it declared that:

As groups add public cloud capabilities to their on-premise IT programs, they need business-grade reliability, security and administration. To address this opportunity, IBM has constructed a portfolio of high-price deepest, public and hybrid cloud offerings, as well as software-as-a-service business solutions. With SoftLayer, IBM will accelerate the construct-out of our public cloud infrastructure to provide shoppers the broadest option of cloud choices to power enterprise innovation.

Even with the SoftLayer acquisition, IBM has lagged other cloud computing corporations. it is quantity 5 in the business in the back of Amazon, Microsoft, Alibaba (BABA), and Google (GOOG). In public cloud, it has a market share of 6%, which is miniscule in comparison to Amazon’s forty six% market share.

briefly, IBM is following the equal fashion adopted with the aid of customary electric when it received Baker Hughes or the disastrous $10.three billion acquisition of Autonomy by HP in 2011.

A silver lining in all here is that there is a possibility that the deal will not close. within the press remark, IBM stated that it's going to pay $one hundred ninety for the business. As of this writing, the business is buying and selling at $172, which is 10% decrease than the proposed $190. In merger arbitrage, here is a sign that a very good variety of traders don’t agree with the deal will close.

subsequent Elephant in the Room: Debt

The red Hat acquisition is the primary amongst many challenges I didn't tackle in my old article. This deal despite the fact presents IBM with a stability sheet problem. To finance the all-cash transaction, IBM will should carry extra debt.

before the deal is closed, IBM has a debt to fairness ratio of 2.372, which is larger than that of the friends mentioned above. Microsoft, Oracle, Apple, and Cisco have a debt to GDP ratio of 0.8867, 1.527, 1.068, and nil.59 respectively. Their average is 1.01. therefore, this will irritate when the business concerns greater debt to finance the acquisition.

this may not be an issue for an organization that is turning out to be. lamentably, as I wrote before, the enterprise’s increase has slowed, revenues are declining, and the huge bets on Watson aren't figuring out. because it has been cited, many Watson consumers are thinking of cutting down.

As you recollect, IBM under Rometty has turn into a large financial engineering business. To improve confidence available in the market, the company has borrowed closely to finance buybacks. during the past ten years, the business has spent more than $forty billion in share buybacks. The chart under indicates the reducing share counts for the enterprise in the past ten years.

examine this with the growth in lengthy-term debt as shown beneath.

In different words, the deal by using IBM to acquire crimson Hat will dramatically boost its debt despite the fact that RHT’s free money stream is expanding. this can seemingly lead to reduced dividends. in fact, on account of the acquisition, the enterprise has announced that it will halt the buybacks in 2020. hence, it's going to halt buybacks to finance a deal I accept as true with will now not aid it in future. Couple all this with the hefty $18 billion pension legal responsibility which is greater than that of comparable corporations.

IBM can be Saved

in this article, I even have left out different issues that I raised within the outdated article. These considerations consist of the slowing growth, thinning margins, and the extended competitors from groups like Alibaba, Amazon, and Google.

while things look dark for IBM, I consider that it can be saved. other ancient technology groups have all been in an analogous situation like IBM and recovered. before Satya Nadella, Microsoft changed into demise. in a similar fashion, earlier than Steve Jobs, Apple was dying.

a superb region for IBM to start is to recognize that it's in challenge. After this, it would delivery by using organising the reason for the problem. I agree with that the explanation for IBM’s complications changed into its lateness within the cloud computing industry. This extend allowed Amazon and other organizations to enter the trade and acquire purchasers. In cloud, the churn expense is so low that after a corporation acquires a client, it could actually be certain that the company will now not defect to its rivals.

next, as with other tech organizations that have recovered, IBM may still accept as true with changing its management. The fact is that Verginia Rometty has not been an exceptional CEO. beneath her leadership, the enterprise’s stock has declined through more than 30% as shown beneath. on the identical time, she has been paid more than $a hundred and twenty million. If Rometty has no longer modified the business in 6+ years, what makes the board assured that she will turn it around in future?

next, as discussed above, IBM should consider giving up the acquisition of crimson Hat. while this could attract a hefty divorce invoice, it can be price than the disaster that awaits if the deal goes on. be aware that eighty three% of all M&A offers fail and there's no explanation why this can be successful. To be clear, IBM will should make acquisitions to compete with Amazon. basically, with the $34 billion, the business can make choice investments. as an instance, it could possibly spend about $three billion to purchase a company like field (box) that counts 61% of Fortune 500 businesses as valued clientele.

superior, it may well use its ventures arm to invest in small startups in an analogous manner that Google has done it with Google Ventures. As proven beneath, IBM Ventures has now not made any meaningful investments within the contemporary previous.

source: Crunchbase

at last, IBM should still believe divesting its global enterprise solutions (GBS) segment. here's a phase that provides consulting, utility management, and international method features. In 2017, the section generated $sixteen.38 billion in revenues, which become lower than $16.7 billion in 2016. The phase’s margins are the least among the different segments.

The gross margins are 25%. this is basically akin to different corporations within the sector like Accenture (CAN), Wipro (WIT), and Cognizant technologies (CTSH) which have gross margins of 30%, 30%, and 39%. hence, on a sum-of parts groundwork, this section alone may also be worth more than $30 billion should you examine it with its friends.

it's estimated that GBS has more than 120K employees. therefore, divesting the segment will assist the enterprise cut back the headcount and increase margins.

closing thoughts

IBM’s inventory has continued to say no after the announcement of the pink Hat acquisition. As I have defined, the company continues to face major headwinds on the way to doubtless take it decrease. although, I consider that the directors can serve the company neatly by means of getting out of the RHT deal and finding more desirable acquisition goals, changing the CEO, investing in early stage cloud businesses through IBM Ventures arm, and diversifying the international company services arm.

Disclosure: i'm/we're long AAPL, box.

I wrote this text myself, and it expresses my very own opinions. i am not receiving compensation for it (apart from from searching for Alpha). I don't have any company relationship with any enterprise whose stock is outlined listed here.

Ancestry Adopts IBM Cloud, advanced Analytics to find company Insights | killexams.com Real Questions and Pass4sure dumps

ARMONK, N.Y., Nov. eight, 2018 /PRNewswire/ -- IBM (NYSE: IBM) introduced these days that Ancestry LLC, the realm's largest customer DNA network, has chosen IBM Planning Analytics as-a-service on the IBM Cloud for its company planning and forecasting approaches, to take abilities of the combined solution's quick analytics, scalability and efficiency.

Ancestry has helped consumers release hidden insights from old records and genomic statistics in view that 1983. these days the enterprise boasts more than 10 million AncestryDNA consumers and greater than three million subscribers globally.

IBM, along with Data41, a application developer and integrator of fiscal planning and reporting programs, worked with Ancestry to create a high-speed analytics and forecasting solution on the IBM Cloud. With the brand new solution, Ancestry can analyze all monetary data, from budgeting to labor charges, to the forecasting of subscriptions and profits to help make more advised and strategic business choices in line with the newest insights.

"we now have multiplied hastily world wide, so we required a system that supports our tempo of increase," said Curtis Tripoli, vp, fiscal Planning & evaluation, at Ancestry. "The analytics is a complete answer, and because or not it's on the IBM Cloud we get the reliability as smartly because the effectivity and scale we were hunting for."

"first-rate companies like Ancestry understand the cost that comes from leveraging superior technologies like analytics in the course of the cloud to enhance issues like performance, scale and efficiency," noted Greg Adams, vp, IBM business Analytics. "As these businesses grow and scale, Planning Analytics on the IBM Cloud can assist them proceed to not best manage but extract valuable insights from their growing to be business."

For extra on this story, consult with: IBM believe weblog

About IBM Cloud

For greater information talk over with IBM Cloud.

For more counsel consult with IBM Analytics.           

About Ancestry

Bringing collectively science, technology and self-discovery, Ancestry's market-leading items and services leverage records and different content material across family unit historical past and purchaser genomics to give patrons with effective insights into their lives. In 2017, Ancestry generated more than $1 billion in salary, an annual raise of more than 30 p.c. The business has bought greater than 10 million AncestryDNA kits so far, reflecting a a hundred and fifteen% 12 months-over-yr enhance in sales in 2017.

About Data41

Data41 develops enterprise analytics options spanning facts source to visualization – helping organizations with ease prepare disparate facts to make impactful, advised choices. As an IBM Gold partner, Data41's technical and company savvy associates help address pleasing company pursuits in corporate efficiency management so increase choices may also be according to correct projections and counsel while bettering performance across the business.

Contact

Michael ZimmermanIBM Media Relationsmrzimmerman@us.ibm.com(585) 698-9974 

View normal content to down load multimedia:http://www.prnewswire.com/information-releases/ancestry-adopts-ibm-cloud-advanced-analytics-to-find-business-insights-300746513.html

source IBM

Copyright (C) 2018 PR Newswire. All rights reserved

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IBM Software Subscription

Cloudy weather ahead for IBM and Red Hat? | killexams.com real questions and Pass4sure dumps

The world is buzzing about the software industry’s largest acquisition ever. This “game changing” IBM acquisition of Red Hat for $34 billion eclipses Microsoft’s $26.2 billion of LinkedIn, which set the previous record. And it’s the third largest tech acquisition in history behind Dell buying EMC for $64 billion in 2015 and Avago’s buyout of Broadcom for $37 billion the same year.

Wall Street certainly gets nervous when it sees these lofty price tags. IBM’s stock was down 4.2 percent following the announcement, and there are probably more concerns over a broader IBM selloff around how much IBM is paying for Red Hat.

This sets the stage for massive expectations on IBM to leverage this asset as a critical turning point in its history. Given that IBM’s Watson AI poster child has failed to create sustainable growth, could this be their best opportunity to right the ship once and for all? Or is this mega merger a complicated clash of cultures and products that will make it hard to realize the full potential?

When the chips are down, it’s time to go all in. Big Blue certainly shocked the technology world when it announced it would do its biggest deal ever and purchase Red Hat for a huge 11x premium. The reality is that Red Hat was not necessarily looking to be acquired, so overpaying was the only viable option. And if IBM didn’t pay, Google, Amazon, VMWare or even Alibaba would have.

Desperate times call for desperate measures. IBM has been struggling to demonstrate growth in new markets for quite some time. Before 2018, it had 22 straight quarters of revenue decline. And it has lost over $28 billion in revenue over the past six years. Its revenue at the end if 2017 was $79.14 billion, the lowest in 20 years and the worse annual number since 1997, when IBM revenues were $78.51 billion, excluding inflation.

In early 2018, IBM was able to produce three consecutive quarters of revenue growth, but that was mainly due to the introduction of a new line of IBM Z mainframe computers.

IBM has been a business in decline for many years. It’s hard to sustain a business with shrinking sales.

IBM is more than 100 years old and certainly suffers from comparisons to younger and nimbler companies such as Amazon, Google, Facebook, and Apple that have posted record growth in recent times. Amazon’s recent profits have surpassed $2 billion, for example.

If you contrast IBM to Microsoft, another old world software company, it’s startling to see the difference in how Microsoft has been able to reposition itself as growth company based on the cloud.

In 1990, when Microsoft release Windows 3.0, IBM had revenues of $69 billion (only $10 billion shy of what it has today), while Microsoft had around $800 million. Microsoft surpassed IBM in revenue in 2015 and crossed the $100 billion annual revenue mark in 2018.

Over the past several years, as IBM’s revenue shrank, Microsoft invested in its “commercial cloud” business that encompasses Azure, Office 365, and Dynamics 365, bringing in over $23 billion in new revenues. Microsoft has recently been firing on all cylinders while IBM experienced growth stalls.

IBM’s success in the hardware business, specifically it’s Z-Series mainframes, forced it to protect its turf and distracted it from seeing the future impact of cloud. AWS began offering public cloud services back in 2006. As late as 2011, IBM was barely mentioning the word “cloud” in its annual reports or earnings calls. The company finally realized in 2013 that cloud computing was the future and made a hail-Mary purchase of SoftLayer to bridge the gap, paying $2 billion and then investing an additional $1 billion to integrate the platform.

It’s hard to establish significant market share when you’re late to the party. Softlayer’s worldwide market share continues to be a distant fifth behind AWS, Microsoft, Google, and even fresher newcomer Alibaba, which exceeded IBM’s cloud revenues in June of 2018.

IBM made several other cloud-related acquisitions, including Gravitant (a cloud brokerage and management software), Bluebox (a private cloud as a service platform based on OpenStack), Sanovi (a hybrid cloud recovery and migration software), Lighthouse and CrossIdeas (both cloud security platforms), and CSL International (a cloud virtualization platform).

Despite these acquisitions in the cloud market, IBM has failed to truly monetize those products and gain market share in the cloud.

The company has failed to capitalize on innovations before: Watson AI was at the top of its game when it debuted on Jeopardy in 2011 to beat human contestants but quickly fell behind Amazon, Google, and Microsoft.

Red Hat is the world’s largest provider of open-source enterprise software solutions. Red Hat’s bread and butter Linux business continues to deliver growth especially as it powers many modern AI and analytics workloads. Its model has evolved from purely on-premise to a healthy subscription business used on public cloud platforms such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP).

Red Hat has also expanded into open middleware solutions such as OpenStack, a cloud infrastructure platform, and OpenShift, a platform for managing application containers. OpenShift has long been a well-kept secret as Cloud Native Computing Foundation (CNCF) has grabbed most of the headlines with its Kubernetes container orchestration platform. IBM has an opportunity to leverage its marketing and global reach to encourage mainframe and legacy clients to adopt OpenShift. These platforms have been highly leveraged in private and hybrid cloud deployments, especially in industries like telecommunications.

There is no doubt that Red Hat gives IBM a much more credible cloud story. But the question really is, is it too late?

The acquisition is certainly good news for enterprises looking to shift classic container-based applications and virtual machines to the cloud. However, Amazon has already captured a significant part of that market.

While the acquisition of Red Hat gives IBM a strong position in the hybrid-cloud market, which will be popular for enterprises that are not taking the time to decommission or re-architect legacy applications, the fast-growing public cloud market will be the battleground of the future.

IBM has had a spotty record when it comes to integrating and capitalizing on large acquisitions.

While the majority of IBM’s M&A has been in the area of software, revenue in the segment has been disappointing. Perhaps what is concerning is that adjusting for acquisitions, IBM’s software business continues to decline — mostly due to the fact that these large acquisitions have become part of the IBM fabric and business as usual.

Can IBM integrate something as big as Red Hat without interfering with its core value proposition? Many fear that Big Blue will attempt to “blue wash” their platform of choice.

And there’s the question of whether these two different corporate cultures can come together – IBM, a slow growth company not making much progress in the cloud space, and Red Hat, an innovative, open source company that is building foundational components for operating in the cloud.

We’ve seen culture clashes derail many other high profile mergers such as HP/Compaq, HP/Autonomy, Microsoft/Nokia, AOL/Time Warner, Sprint/Nextel and Alcatel/Lucent. IBM will need to embrace the open source community and strategy.

The joint company will face critical platform decisions on the cloud front. IBM has a public cloud that competes with AWS and Microsoft. But developers use Red Hat’s Linux on many public clouds. While that multi-cloud approach will help IBM bring in revenue across the public clouds, it will create conflict with its own Softlayer cloud offering. IBM has struggled to manage this type of channel and product conflict successfully in the past.

And then there is the future of IBM’s own AIX operating system vs. Linux — not to mention the SCO-IBM Unix lawsuit still lingering in the courts.

Also to note are the lesser known Red Hat storage products like Red Hat Ceph (an object file storage) and Red Hat Gluster (a NAS product). As Red Hat integrates into IBM’s hybrid cloud group, these storage products will be separated from IBM, which could create confusion and conflict.

So while IBM certainly faces a lot of opportunity with the acquisition, there is no guarantee this big bet will pay off. IBM needed a bold move. But in the short term, we are unlikely to see any sudden movement of IBM’s position in the public cloud space. All eyes will be on its ability to catapult into the hybrid cloud market. For that, the company will need to make sure it doesn’t get in its own way.

Frank Palermo is the executive vice president at Virtusa’s Global Digital Business, where he is responsible for technology practices in UX, mobility, social, cloud, analytics, big data, and IoT.

IBM to acquire software company Red Hat for US$34 billion | killexams.com real questions and Pass4sure dumps

IBM Corp said on Sunday it had agreed to acquire US software company Red Hat Inc for $34 billion (S$46.9 billion), including debt, as it seeks to diversify its technology hardware and consulting business into higher-margin products and services.

The transaction is by far IBM's biggest acquisition. It underscores IBM Chief Executive Ginni Rometty's efforts to expand the company's subscription-based software offerings, as it faces slowing software sales and waning demand for mainframe servers.

IBM, which has a market capitalisation of $114 billion, will pay $190 per share in cash for Red Hat, a 63 per cent premium to Friday's closing share price.

Founded in 1993, Red Hat specializes in Linux operating systems, the most popular type of open-source software, which was developed as an alternative to proprietary software made by Microsoft Corp.

Headquartered in Raleigh, North Carolina, Red Hat charges fees to its corporate customers for custom features, maintenance and technical support, offering IBM a lucrative source of subscription revenue.

Red Hat is one of the very few companies in the cloud computing sector that has both revenue growth and free cash flow, Rometty, who has been IBM's CEO since 2012, said in an interview with Reuters.

"This acquisition we are clearly doing for growth synergies. This is not about cost synergies at all," Rometty said in the interview.

The acquisition illustrates how older technology companies are turning to dealmaking to gain scale and fend off competition, especially in cloud computing, where customers using enterprise software are seeking to save money by consolidating their vendor relationships.

IBM is hoping the deal will help it catch up with Amazon.com Inc, Alphabet Inc and Microsoft in the rapidly growing cloud business. IBM shares have lost almost a third of their value in the past five years, while Red Hat shares are up 170 per cent over the same period.

"This deal represents the culmination of IBM's existing partnership with Red Hat, and, in our view, allows IBM to gain a highly strategic asset to advance its hybrid cloud initiatives," Barclays analysts wrote in a research note.

They added that for the deal to work, it was important for IBM to uphold Red Hat's neutrality when it came to operating platforms and maintain Red Hat's open-source and multi-cloud position in the market.

BIG BLUE

IBM was founded in 1911 and is known in the technology industry as Big Blue, a reference to its once ubiquitous blue computers. It has faced years of revenue declines, as it transitions its legacy computer maker business into new technology products and services. Its recent initiatives have included artificial intelligence and business lines around Watson, named after the supercomputer it developed.

To be sure, IBM is no stranger to acquisitions. It acquired cloud infrastructure provider Softlayer in 2013 for $2 billion, and the Weather Channel's data assets for more than $2 billion in 2015. It also acquired Canadian business software maker Cognos in 2008 for $5 billion.

Other big technology companies have also recently sought to reinvent themselves through acquisitions. Microsoft this year acquired open source software platform GitHub for $7.5 billion; chip maker Broadcom Inc agreed to acquire software maker CA Inc for nearly $19 billion; and Adobe Inc agreed to acquire marketing software maker Marketo for $5 billion.

One of IBM's main competitors, Dell Technologies Inc, made a big bet on software and cloud computing two years ago, when it acquired data storage company EMC for $67 billion. As part of that deal, Dell inherited an 82 per cent stake in virtualization software company VMware Inc.

The deal between IBM and Red Hat is expected to close in the second half of 2019. IBM said it planned to suspend its share repurchase programme in 2020 and 2021 to help pay for the deal.

IBM said Red Hat would continue to be led by Red Hat CEO Jim Whitehurst and Red Hat's current management team. It intends to maintain Red Hat's headquarters, facilities, brands and practices.

Lazard Ltd offered financial advice to IBM, alongside Goldman Sachs Group Inc and JPMorgan Chase & Co, which also provided financing for the deal. Paul, Weiss, Rifkind, Wharton & Garrison LLP provided legal advice to IBM.

Guggenheim Partners LLC and Morgan Stanley were financial advisers to Red Hat, while Skadden, Arps, Slate, Meagher & Flom LLP offered legal advice to the company on the deal.

"Knowing first-hand how important open, hybrid cloud technologies are to helping businesses unlock value, we see the power of bringing these two companies together, and are honoured to advise IBM and commit financing for this transaction," JPMorgan CEO Jamie Dimon said in a statement.

IBM Is Going Down - But It Can Be Saved | killexams.com real questions and Pass4sure dumps

Introduction

In September, I wrote an article that chronicled the slow decline of International Business Machines (IBM). The article focused on the company’s declining revenues and margins and the fallacy that is Watson that has been overhyped and over-marketed. Since the article was published, things have gotten worse for the company. Its stock price has declined from $145 to the current $123.

As a result, its market valuation has declined from more than $130 billion to the current $112 billion. This valuation makes IBM reasonably valued compared to other technology companies. In IBM, investors are paying 19X trailing earnings and 8X forward earnings. This is significantly lower than what investors are paying for other old tech companies like Oracle (ORCL), Microsoft (MSFT), Apple (AAPL), and Cisco (CSCO) which have an average forward PE ratio of 15. Similarly, IBM has a forward PS ratio of 1.41, which is lower than the average of these companies of 4.65.

During IBM’s decline, many investors – including Warren Buffet – have invested in the company, hoping that it will achieve a turnaround. They have all been disappointed as the company’s stock has continued to see lower lows. Short sellers on the other hand have been rewarded as the stock has lost 17% of its value this year. The short interest has increased from 14 million in January to the current 21 million.

In my view, IBM will continue to underperform because it lacks a catalyst that will take the stock higher. This analysis will be a follow up to the previous article and will highlight more problems that the big blue is facing and how it can be saved.

Elephant in the Room: RHT

When large companies are in decline, they have a habit of making poor decisions especially in terms of acquisitions. Two examples of this are the decision by Sears Holdings (SHLD) to acquire K-Mart and the decision by General Electric (GE) to acquire Baker Hughes (BHGE). Sadly, IBM decided to follow the footsteps of these companies.

Two weeks ago, the company announced that it would spend $34 billion to acquire Red Hat (RHT). IBM would acquire RHT for $190, which was a 63% premium. In its announcement, IBM’s CEO said that:

The acquisition of Red Hat is a game-changer. It changes everything about the cloud market. BM will become the world's #1 hybrid cloud provider, offering companies the only open cloud solution that will unlock the full value of the cloud for their businesses

This announcement reminded me of what GE’s Jeff Immelt said when he announced the acquisition of Baker Hughes.

BHGE is an industry leader positioned to deliver in any economic environment and assist our customers in driving productivity. This deal capitalizes on the current cycle in oil and gas while also strengthening our position for the market recovery. As we go forward, the new fullstream offering accelerates our ability to extend a digital framework to customers while delivering world-class technical innovation and service execution. We look forward to continuing a seamless integration for our customers.

What is different in the two statements is that Immelt was right about the scale of Baker Hughes. On the other hand, Virginia Rometty’s statement was demonstrably wrong. First, in the press conference, IBM used the word cloud 43 times and according to Rometty, the deal will help IBM take an improved market share in the cloud industry. However, a look at Red Hat’s revenues shows a different picture. Most of its revenues come from infrastructure-related offerings while the next revenue comes from application development and other emerging technology offerings. In its 10K, it describes the subscription offerings as: revenue generated from Red Hat Enterprise Linux and related technologies such as Red Hat Satellite and Red Hat Virtualizations.

Source: Red Hat

This point was also noted by Barron’s article that interviewed an analyst from Bernstein who noted that:

More than half of Red Hat’s revenue was generated by its traditional on-premise server operating-system business, which isn’t directly tied to the cloud and has a slowing growth rate.

Further, while Amazon’s (AMZN) cloud grew by 46% in 2017, Red Hat’s cloud-related revenues rose by just 14%. At the same time, the annual revenues of Red Hat are just under $3 billion with the net income being below $300 million. Worse, IBM is paying 55 times RHT’s estimated sales, which is a hefty valuation considering that many companies in the sector are acquired at 4.5 times forward sales.

Therefore, all this does not justify the hefty $34 billion. Also, this is not the first time that IBM has overpaid for its cloud services. In 2013, when it announced the acquisition of Softlayer, it declared that:

As businesses add public cloud capabilities to their on-premise IT systems, they need enterprise-grade reliability, security and management. To address this opportunity, IBM has built a portfolio of high-value private, public and hybrid cloud offerings, as well as software-as-a-service business solutions. With SoftLayer, IBM will accelerate the build-out of our public cloud infrastructure to give clients the broadest choice of cloud offerings to drive business innovation.

Even with the SoftLayer acquisition, IBM has lagged other cloud computing companies. It is number 5 in the industry behind Amazon, Microsoft, Alibaba (BABA), and Google (GOOG). In public cloud, it has a market share of 6%, which is miniscule compared to Amazon’s 46% market share.

In short, IBM is following the same trend followed by General Electric when it acquired Baker Hughes or the disastrous $10.3 billion acquisition of Autonomy by HP in 2011.

A silver lining in all this is that there is a possibility that the deal will not close. In the press statement, IBM said that it will pay $190 for the company. As of this writing, the company is trading at $172, which is 10% lower than the proposed $190. In merger arbitrage, this is a sign that a good number of investors don’t believe the deal will close.

Next Elephant in the Room: Debt

The Red Hat acquisition is the first among many challenges I did not address in my previous article. This deal however presents IBM with a balance sheet problem. To finance the all-cash transaction, IBM will need to raise additional debt.

Before the deal is closed, IBM has a debt to equity ratio of 2.372, which is higher than that of the peers mentioned above. Microsoft, Oracle, Apple, and Cisco have a debt to GDP ratio of 0.8867, 1.527, 1.068, and 0.59 respectively. Their average is 1.01. Therefore, this will worsen when the company issues more debt to finance the acquisition.

This would not be a problem for a company that is growing. Sadly, as I wrote before, the company’s growth has slowed, revenues are declining, and the big bets on Watson are not working out. As it has been noted, many Watson customers are thinking of scaling down.

As you recall, IBM under Rometty has become a large financial engineering company. To improve confidence in the market, the company has borrowed heavily to finance buybacks. In the past ten years, the company has spent more than $40 billion in share buybacks. The chart below shows the reducing share counts for the company in the past ten years.

Compare this with the growth in long-term debt as shown below.

In other words, the deal by IBM to acquire Red Hat will dramatically increase its debt even though RHT’s free cash flow is increasing. This will likely lead to reduced dividends. In fact, because of the acquisition, the company has announced that it will halt the buybacks in 2020. Therefore, it will halt buybacks to finance a deal I believe will not help it in future. Couple all this with the hefty $18 billion pension liability which is higher than that of comparable companies.

IBM Can Be Saved

In this article, I have ignored other concerns that I raised in the previous article. These concerns include the slowing growth, thinning margins, and the increased competition from companies like Alibaba, Amazon, and Google.

While things seem dark for IBM, I believe that it can be saved. Other old technology companies have all been in a similar situation like IBM and recovered. Before Satya Nadella, Microsoft was dying. Similarly, before Steve Jobs, Apple was dying.

A good place for IBM to start is to recognize that it is in trouble. After this, it should start by establishing the cause of the problem. I believe that the cause of IBM’s problems was its lateness in the cloud computing industry. This delay allowed Amazon and other companies to enter the industry and acquire customers. In cloud, the churn rate is so low that when a company acquires a client, it can be sure that the company will not defect to its competitors.

Next, as with other tech companies that have recovered, IBM should consider changing its management. The fact is that Verginia Rometty has not been an effective CEO. Under her leadership, the company’s stock has declined by more than 30% as shown below. At the same time, she has been paid more than $120 million. If Rometty has not changed the company in 6+ years, what makes the board confident that she will turn it around in future?

Next, as discussed above, IBM should consider giving up the acquisition of Red Hat. While this will attract a hefty divorce bill, it will be worth than the disaster that awaits if the deal goes on. Remember that 83% of all M&A deals fail and there is no reason why this will succeed. To be clear, IBM will need to make acquisitions to compete with Amazon. In fact, with the $34 billion, the company can make alternative investments. For example, it can spend about $3 billion to acquire a company like Box (BOX) that counts 61% of Fortune 500 companies as clients.

Better, it can use its ventures arm to invest in small startups in a similar way that Google has done it with Google Ventures. As shown below, IBM Ventures has not made any meaningful investments in the recent past.

Source: Crunchbase

Finally, IBM should consider divesting its Global Business Solutions (GBS) segment. This is a segment that provides consulting, application management, and global process services. In 2017, the segment generated $16.38 billion in revenues, which was lower than $16.7 billion in 2016. The segment’s margins are the least among the other segments.

The gross margins are 25%. This is almost similar to other companies in the sector like Accenture (CAN), Wipro (WIT), and Cognizant Technologies (CTSH) which have gross margins of 30%, 30%, and 39%. Therefore, on a sum-of parts basis, this segment alone can be worth more than $30 billion when you compare it with its peers.

It is estimated that GBS has more than 120K employees. Therefore, divesting the segment will help the company reduce the headcount and improve margins.

Final Thoughts

IBM’s stock has continued to decline after the announcement of the Red Hat acquisition. As I have explained, the company continues to face major headwinds that will likely take it lower. However, I believe that the directors can serve the company well by getting out of the RHT deal and finding better acquisition targets, replacing the CEO, investing in early stage cloud companies through IBM Ventures arm, and diversifying the Global Business Services arm.

Disclosure: I am/we are long AAPL, BOX.

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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