Google To Boost Data Storage Offerings With Elastifile Buyout
Zacks Investment Research | Jul 09, 2019 09:19PM ET
In a bid to further bolster presence in the booming cloud space, Alphabet’s (NASDAQ:GOOGL) division Google has entered into a definitive agreement to acquire a cloud storage startup, Elastifile. The terms of the deal have not been disclosed yet.
This acquisition is expected to be completed later this year, subject to regulatory approval and other customary closing conditions. Post the completion of the acquisition, Elastifile team will join Google Cloud.
Founded in 2014, Elastifile helps large organizations to store and manage data using services that include Google Cloud platform, Microsoft’s (NASDAQ:MSFT) Azure and Amazon’s (NASDAQ:AMZN) AWS. Its software-defined approach to managed Network Attached Storage (NAS) allows businesses to perform compute-intensive workloads with ease.
With the latest offering, Google aims at assisting enterprises in managing their business in an organized manner across hybrid multiple cloud platforms.
This acquisition will definitely boost Google’s footprint in the cloud-storage market with file storage solutions. We believe that the move is likely to help Google in gaining further momentum among cloud customers.
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