Red Hat posted flat operating results for its latest fiscal quarter highlighted by revenues that missed expectations and earnings that were slightly below last year’s numbers. Of course, these results are all academic as the company is in the process of being acquired by IBM for $34 billion.

Red Hat’s total revenues increased 13.2 percent year over year to $847 million for the third quarter of its fiscal 2019. That was lower than the 21.5 percent surge the company posted for the same quarter last year, and just shy of forecasts.

The company closed 100 deals during the quarter valued in excess of $1 million. Red Hat CFO Eric Shander added that, “Strong renewals of our largest deals also helped drive these results with all of our top 25 deals renewing at an upsell rate above 120 percent.”

Red Hat CEO and President Jim Whitehurst said that the company added more than 100 new customers to both its OpenShift and Ansible platforms during the quarter. OpenShift is Red Hat’s Kubernetes-focused enterprise container product while Ansible is its DevOps automation platform.

Net income dipped 5 percent to $94.5 million for the latest quarter, with earnings per share dropping from $0.55 last year to $0.51 this year. However, on an adjusted and non-GAAP basis, earnings per share came in at $0.96, which was ahead of forecasts.

Red Hat’s stock has been relatively flat since the IBM deal was announced. The IBM offer valued Red Hat’s stock at $190 per share while the stock itself has been trading between $170 and $175 per share since the offer was announced.

The $190 per share offer is a significant premium over the $117 per share Red Hat’s stock was sitting at prior to the IBM offer. In fact, Red Hat’s stock just prior to the deal being announced had hit a new 52-week low of $115.31 per share.

Red Hat's pre-deal stock plunge was sudden as it had hit a 52-week high of $177.70 per share in mid-June. That plunge began following the release of results for its first quarter of fiscal 2019. Most of those results came in at or above expectations, but lower billing caused some financial analysts to pull back on their expectations. The company’s stock took another hit following release of its fiscal Q2 numbers last month.

Analysts applauded Red Hat’s ability to fetch such a purchase price.

“It’s hard to argue it’s not a good exit for Red Hat given the valuation,” said Jay Lyman, principal analyst at 451 Research.

With the impending IBM deal looming, Red Hat’s management did not host a conference call for investors or provide any update on full-year guidance. Red Hat investors are set to vote on the deal Jan. 16, 2019, with an expected closing in the second half of 2019. Both boards have approved the deal.

As part of that deal, Red Hat will become part of IBM’s Hybrid Cloud business though as a “distinct unit.” Arvind Krishna, senior vice president of IBM’s Hybrid Cloud, said Red Hat would maintain its independence and neutrality, including commitments to its public cloud provider customers like Amazon Web Services (AWS), Microsoft Azure, and Google Cloud, and its open source commitments. IBM will also maintain Red Hat’s headquarters, facilities, brands, and practices.

Whitehurst will join IBM’s senior management team and report to IBM President, CEO, and Chairman Ginni Rometty.