(RALEIGH) -- Open source software provider Red Hat, Inc. has been named to Forbes magazine’s list of “The World’s Most Innovative Companies.” Red Hat ranked as the 4th most innovative company in both the United States and the world out of 100 companies.

“Innovation is at the very core of Red Hat’s DNA, whether you’re talking about how we operate our business and manage our people, how we work with enterprises, partners, and the open source community to create better technologies, or how our customers are innovating using Red Hat solutions,” said  Jim Whitehurst, president and Chief Executive Officer, Red Hat. “Forbes’ recognition serves as great validation for the community-powered innovation we’re helping to foster around the globe on a daily basis.”

Forbes ranked companies how well companies leverage people, process, and philosophies, according to Forbes. To be included in the ranking, companies must have a market value greater than $10 billion, spend at least 2.5 percent of revenue on R&D, and have seven years of public financial data.