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Amazon bids USD 250mn for Israel’s CloudEndure as it becomes most valuable company in the world
Posted on Tuesday, 08 January 2019 12:42
Amazon, the largest global online retailer, became the world’s most valuable company yesterday after a media report by Globes suggested the group is buying Israeli cloud computing group CloudEndure for around USD 250.00 million.
The paper cited sources familiar with the matter as saying the deal is due to close in the coming days and would help boost the buyer’s AWS subsidiary, which is billed as the number one supplier of cloud services on the planet.
Amazon pushed to the top of Wall Street’s pecking order yesterday, overtaking Microsoft, after shares in the marketplace closed up 3.0 per cent to USD 1,630, lifting its market value to over USD 797.00 billion.
The computer and tech giant’s stock also increased but by a lessor 1.0 per cent, giving the group a capitalisation of USD 789.00 billion.
It is the first time Amazon has held the number one spot and ends Microsoft’s short return to the leading position after it overtook Apple in November.
Interestingly, the change in the market leader came after Globes reported on the potential acquisition of Ramat-headquartered CloudEndure.
The target was founded six years ago and has since raised USD 20.00 million in funding; the latest of which was in 2016, when it received USD 13.00 million in a series B round from Infosys and Magma Venture Partners.
CloudEndure is a cloud computing group that develops business continuity software for disaster recovery, continuous backup and live migration.
It allows customers to easily transfer data from one cloud to another, therefore organisations creating a multi-cloud environment can save their information and recover it if the cloud should collapse.
Last week, media reports observed that more than 100.00 million devices with Amazon’s virtual assistant Alexa on board have been sold.
In the nine months ended 30th September 2018, the business generated net income of USD 7.05 billion, a large increase on USD 1.18 billion in the corresponding period of 2017.
This was on total net sales of USD 160.50 billion in the opening three quarters of 2018, compared to USD 117.41 billion in Q1-3 2017.
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