Technology

Rackspace shares surge on report that Amazon is in talks to invest in company





Rackspace

Noah Berger | Bloomberg | Getty Photographs

Shares of Rackspace surged almost 12% Monday morning on a report that Amazon is in talks to put money into the cloud providers firm. 

Buying and selling was briefly halted on account of volatility after the report was published in Reuters.

The Reuters report mentioned that Amazon is all in favour of buying a minority stake in Rackspace, which helps firms shift their knowledge to Amazon Internet Companies (AWS). Rackspace held its IPO earlier this month. Personal fairness agency Apollo World Administration is almost all proprietor of Rackspace.

The Reuters report mentioned it may take months for Amazon to work out an funding take care of Apollo.

Spokespeople for Amazon, Rackspace and Apollo didn’t instantly reply to a request for remark. 

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PJ

PJ is the Digital Marketer & Founder of PJ Digital Marketing, has involved in this field from 2010 onwards. Also the owner of a few more sites in different fields.