MMB Technology, the leading provider of cloud and data storage for businesses, has announced that it has been acquired by DigitalOcean, a startup backed by Google, Microsoft, and other tech giants.
The deal is a $2 billion acquisition of MMB’s cloud and storage business, according to a report by The Wall Street Journal.
The news follows the announcement last week by the European Union that it would introduce legislation to block Google and other companies from using its cloud services.
“We believe the MMB acquisition will help us accelerate our strategic focus on cloud, including cloud services and data,” said DigitalOcean CEO Richard Lee.
“Our cloud infrastructure, which is now supported by more than 100 partners across the world, is a key pillar of our strategy.”
The deal has also been made public by Digital Ocean’s board of directors.
The board said in a statement that DigitalOcean has been “a leader in cloud computing, data center infrastructure, and software development since the late 1990s and is proud to have had MMB as a founding partner.”
DigitalOcean said that it will continue to invest in its cloud infrastructure and “accelerate our efforts to build the next generation of data centers.”
The company said it plans to focus on its core cloud business, which includes storage and virtualization services.
Google and Microsoft will be buying MMB for a reported $2.8 billion.