Cloudera has announced a merger with Hortonworks, one of its chief competitors, the companies revealed in a statement. The deal was already approved by the directors of both companies.
Both companies offer cloud-based software services relying on the open-source standard known as Hadoop, reported the Wall Street Journal. Both companies have chalked up solid growth rates, but lag behind many others in the cloud sector.
The plan, which was approved by the boards of both companies, calls for Cloudera shareholders to own about 60% of the combined company and Hortonworks shareholders to own about 40%. The companies expect the deal to close in the first quarter of 2019.
The merger of the two was cheered loudly by Wall Street, sending both stocks up more than 12% Thursday morning, October 4.
Full Content: The Wall Street Journal
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