PALO ALTO — West Coast teams from Wilmer and Cooley helped ink the deal for Red Hat’s $190 million purchase of Inktank, a provider of open source storage systems.
Raleigh, N.C.-based Red Hat Inc., a leader in open source software space, announced Wednesday it would acquire Inktank to bulk up its storage offerings, adding the deal will create the largest provider of such storage.
Inktank, which was founded in 2012, had raised about $14.4 million since its inception. Inktank’s lead product competes with Amazon Web Services by allowing providers to build out their storage options economically. Red Hat said it would purchase the company for $175 million in cash, in addition to taking on unvested Inktank equity and issuing equity retention incentives. The transaction is expected to close in May 2014.
Wilmer Cutler Pickering Hale and Dorr attorneys advising Red Hat included Palo Alto partner Joseph Wyatt, counsel John Demeter and associate Julie Picquet.
The Cooley team advising Inktank included corporate partners David Young in Los Angeles and Jamie Leigh in San Francisco and associates Nick Hobson, Nicole Miller and Robin Bennett in Los Angeles; tax partner Mark Windfeld-Hansen in Palo Alto and associate Mark Baker in Colorado; compensation and benefits partner Renee Deming in Palo Alto and associate Justin Ho in San Francisco; and technology transactions partner Robin Lee in Palo Alto and associate Jared Friend in Seattle.
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