DigitalOcean falls after announcing Paperspace acquisition
06/07/2023 14:17
** Shares of cloud service provider DigitalOcean DOCN.N
Holdings down 1.96% at $38.99 in premarket trading
** DOCN acquires cloud infrastructure provider Paperspace
for $111 mln in cash
** "The increasing demand for AI/ML cloud solutions makes
Paperspace’s GPU-powered infrastructure and AI/ML focused
software stack valuable additions to DigitalOcean’s portfolio" -
DOCN
** DOCN says it expects the transaction to enhance revenue
growth in 2024
** Up to last close, stock up ~56% this year
(Reporting by Zaheer Kachwala)
((Zaheer.Kachwala@thomsonreuters.com;))