Google Cloud News: GOOGL Aquires Cloud Storage Company Elastifile

Financial details of the deal are unknown

Google Cloud is going to be gaining a new member later this year thanks to an acquisition.

Alphabet’s(NASDAQ:GOOG,GOOGL) Google is looking to pick up Elastifile to beef  up its cloud offerings. This will have the company becoming part of Google Cloud once the deal is complete.

According to Google, it is expecting the acquisition offer for Elastifile to close sometime later this year. What is unknown are the finer details of the deal. Google doesn’t provide any type of financial information in relation to the offer.

Before Elastifile can become a part of Google Cloud, the deal will have to go through some other steps first. Among these is getting approval from regulators. It will also need to complete other customary closing conditions before the deal reaches completion.

“We’re excited to join Google for the next part of our journey, building on the success we’ve had together over the past two and a half years,” Erwan Menard, CEO of Elastifile, said in a statement. “File storage is essential to enterprise cloud adoption and, together with Google, we are well-positioned to serve those needs.”

When Elastifile joins Google Cloud, it will bring its expertise in cloud services with it. This includes its software for making it easy to scale performance and capacity for organizations with greater needs.

GOOG stock and GOOGL stock were both up slightly as of noon Tuesday.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2019/07/google-cloud-news-googl-aquires-cloud-storage-company-elastifile/.

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