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Amazon and Rackspace Technology Inc.

ByNate Katifa
Published 18/08/2020, 10:18

Amazon (NASDAQ:AMZN) is in discussions to attain a larger portion of the cloud-based market by acquiring a minority portion of US-based Rackspace Technology Inc (NASDAQ:RXT).

Rackspace is primarily owned by private equity firm Apollo Global Management Inc., who purchased the company in a $4.3 billion leveraged buyout in 2016. Amazon, who already owns the successful AWS cloud service, could stand to gain a great deal with this partnership as Rackspace also assists companies with migrating data onto the AWS platform. Rackspace shares soared 10.3% yesterday on the news.

Rackspace Technology, Inc. operates as a multi cloud technology services company worldwide. It operates through Multicloud Services and Apps & Cross Platform segments. The Multicloud Services segment provides public and private cloud managed services, which allow customers to determine, manage, and optimize the right infrastructure, platforms, and services; and professional services related to designing and building multi cloud solutions and cloud-native applications. The Apps & Cross Platform segment includes managed applications, managed security, and data services, as well as professional services related to designing and implementing application, security, and data services. The company serves automotive, digital agencies, education, energy, financial services, gaming, government, healthcare, manufacturing, media and entertainment, non-profit, retail, and public sectors.

Rackspace Technology, Inc. was founded in 1998 and is headquartered in San Antonio, TexasRackspace Technology, Inc

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