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IBM got a boost from Red Hat and its results shows buying it was smart - Business Insider

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Six months after IBM spent $34 billion to acquire an open source software company, IBM's Q4 results showed that 'Red Hat goodness is kicking in'

, it looks like the acquisition is paying off for the tech giant.

"We're off to a great start with Red Hat," IBM Chief Financial Officer James Kavanaugh said on a call with analysts on Tuesday."It appears that the Red Hat 'goodness' is kicking in," analyst Patrick Moorhead told Business Insider. IBM also got a boost from sales of its flagship mainframe products, which Moorhead attributed to "pent up demand."

IBM has said it's banking on a new trend called hybrid cloud, in which businesses run networks in the cloud, while keeping huge chunks of the data and applications in private data centers.The company says it expects hybrid cloud toThe IBM report shows that the tech giant may be on the right track. "They appear to be on much better footing over last year at this time and given the direction they are headed," he told Business Insider. "it is very possible that their growth will continue into the new year."

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