Categories Technology, U.S. Markets News

Google extends cloud push with acquisition of data migration startup

For tech giant Google (GOOG, GOOGL), the primary hurdle in its efforts to expand the cloud business has been the rapidly growing market share of Amazon Web Services (AMZN), followed by Microsoft’s (MSFT) Azure. The focus of the growth strategy set by Thomas Kurian, the new CEO of Google Cloud who assumed office last year, is to enhance the sales team and pursue new acquisitions.

The company this week agreed to acquire cloud technology start-up Alooma, even as efforts are underway to take forward the former chief’s initiatives to ramp up sales and distribution. A statement from the company Tuesday clarified the importance of going deeper into the lucrative cloud market, considering the widespread adoption of the technology across all industries.

Alooma, a specialist in data transfer, facilitates effective migration of enterprise database from multiple sources to a single cloud data warehouse, using a special tool. Once integrated, Alooma’s technology and employees will be used for developing database migration capabilities for Google Cloud Platform.

A statement from the company Tuesday clarified the importance of taking a deeper plunge into the lucrative cloud market

The comparatively easy migration process will also allow customers to access Google’s advanced technologies such as artificial intelligence, machine learning, and analytics.

Earlier, Kurian had hinted at the company accelerating its cloud program. However, Google and Alooma are yet to provide additional information about the deal, including the timing of its completion and the financial terms. Considering the modest funding Alooma has raised so far, the transaction value will likely be relatively small.

Related: Google mulls fresh  tie-ups for Waymo

Meanwhile, there is no clarity as to whether Alooma will continue to support clients availing the services of Google’s rivals in the cloud sector, though the company will not be accepting new cases wherein customers would want to migrate their data to other cloud platforms.

After losing significant momentum in the selloff that rattled tech stocks towards the end of last year, Google shares started 2019 on a positive note. The stock gained about 6% since the beginning of the year and crossed the $1100-mark once again.

Follow our Google News edition to get the latest stock market, earnings and financial news at your fingertips

Most Popular

Tyson Foods (TSN) Q1 2023 Earnings: Key financials and quarterly highlights

Tyson Foods Inc. (NYSE: TSN) reported first quarter 2023 earnings results today. Sales rose 2.5% year-over-year to $13.2 billion. Net income attributable to Tyson was $316 million, or $0.88 per

After weak start to 2023, Apple (AAPL) sees some bright spots

Apple Inc. (NASDAQ: AAPL) this week reported its first revenue decline in more than three years, even as the high inflation continues to squeeze customers’ spending power. Sales of the

Earnings: Qualcomm (QCOM) Q1 profit falls on lower revenues

Chipmaker Qualcomm, Inc. (NASDAQ: QCOM) has reported lower earnings and revenues for the first quarter of 2023. The company also provided guidance for the second quarter of 2023. At $9.5

Add Comment
Viewing Highlight