In March 2008, Red Hat CEO Jim Whitehurst predicted that his company would be the first pure play open source software vendor to reach $1 billion in revenue. That forecast has nearly come to fruition. According to the organization's latest "This year we focused on growth with aggressive hiring for sales and engineering, launched major product releases and invested in technologies focused on cloud computing. These investments produced greater than 20% growth in revenues and non-GAAP operating income for both the quarter and the year. At the same time, we increased non-GAAP operating margins by 110 basis points and improved cash flow. It was a good year," said Executive Vice President and CFO Charlie Peters.