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Google to buy Apigee

Friday, 9 September 2016

Strategic investment: Google believes Apigee's service is critical for businesses transitioning to the cloud. — Reuters

 

SAN FRANCISCO:  Alphabet Inc’s Google said it is acquiring cloud software company Apigee Corp in a deal valued at about US$625mil (RM2.5bil) , the tech giant’s latest effort to claim a greater share of the lucrative cloud business.

San Jose-based Apigee’s software helps companies’ digital services interact with apps used by customers and partners.

Cloud computing is the increasingly popular practice of using remote Internet servers to store, manage and process data.

Apigee specialises in managing so-called application programming interfaces, or APIs, the channels through which digital services connect when a company logs a purchase for a customer or places an order with a supplier.

Google will pay Apigee shareholders US$17.40 (RM70.75)  for each share, a 6.5% premium to the stock’s Wednesday close.

Apigee’s shares were slightly above the offer price at US$17.43 (RM70.89)  on Nasdaq in afternoon trading on Thursday.

The company, whose customers include AT&T, Burberry Group Plc, Vodafone Group Plc and the World Bank, went public in April last year at US$17 (RM69.13) per share.

Greene, a former VMware CEO, has pushed to raise Google’s profile in corporate computing since she joined last year.

During her tenure, Google has streamlined engineering efforts and appointed new leadership for its cloud efforts, improving traction with clients.

The Apigee deal comes a day after Google and online storage company Box Inc said they would partner to enable Box’s corporate customers to integrate Google’s suite of word processing, spreadsheets and other productivity tools, known as Google Docs.

Google, Amazon.com Inc, Microsoft Corp, IBM Corp and others are vying for a share of the fast-growing corporate cloud computing business.

Apigee, with high-profile clients in a strategically important area, will help Google close in on the competition, said analyst Patrick Moorhead of Moor Insights & Strategy.

Source by: Internet

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