The foremost leading companies in big data space, Cloudera and Hortonworks have finished their merger. The companies have entered into a definitive agreement which will see both companies combine “in an all-stock merger of equals”.
The stockholders of Cloudera will own 60% of the equity of the new entity and Hortonworks stakeholders will own the other 40%. The combined equity value of both companies is $5.2 billion. The move for the merger was approved unanimously by the boards of both companies and the merger is bound to create a great data platform which will span all of multi-cloud, on-premises and the Edge.
Once the transaction is completed, the merged company will be headed by Cloudera’s Chief Executive Officer Tom Reilly and Hortonworks Chief Operating Officer Scott Davidson will be the new COO. Further, the Cloudera board member will become Chairman of the board of directors. The transaction is still subject to stockholder approval of the respective companies but the transaction is expected to be completed during the first quarter of the calendar year 2019.
Hortonworks’ CEO Rob Bearden commenting on the merger said: “Together, we are well positioned to continue growing and competing in the streaming and IoT, data management, data warehousing, machine learning/AI and hybrid cloud markets.”
A newly launched IoT device helps people wash their hands appropriately
iOS users can share Reddit posts on their Snapchat now
Tech firms looking to move their production out of china
Chinese firms are into developing their own chips
Merger Twist: T-Mobile and Sprint to partner with Dish
© 2020 CIO Bulletin. All rights reserved.