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Red Hat Inc., a developer of Linux-based operating system software and services, is gearing up for a review for its $15-20 million advertising account, according to sources.
The Durham, N.C., firm’s initial public offering last Wednesday was a huge success. Its stock, which began trading at $14, ended last Thursday at $72 per share, a market capitalization of nearly $5 billion.
Sources said the IPO puts Red Hat in position to place more money behind advertising. The company, which recently unveiled its own e-commerce server product, competes with firms such as Microsoft and IBM.
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