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Alphabet Inc’s Google said on Thursday it is acquiring cloud software company Apigee Corp in a deal valued at about $625 million (roughly Rs. 4,158 crores), the tech giant’s latest effort to claim a greater share of the lucrative cloud business. The service is critical for businesses transitioning to the cloud, Diane Greene, who runs Google’s cloud computing division, said in an interview. “They are a leader in this application programming interface area,” she said.
Cloud computing is the increasingly popular practice of using remote internet servers to store, manage and process data. Google will pay Apigee shareholders $17.40 for each share, a 6.5 percent premium to the stock’s Wednesday close.