The global tech monster Samsung Electronics has acquired yet another startup named Joyent in order to enhance its Cloud Computing Services. Joyent is an US based company which is having both private cloud server and public cloud infrastructure, and the company uses these to build the required apps in no time.
Samsung released an official statement to confirm the acquisition and mentioned that the Joyent would remain as a standalone company of its own. We are yet to receive the official terms and conditions of the deal, as those secret details are yet to be revealed by both the parties.
Scott Hammond (CEO at Joyent) has written an official blog post regarding this exclusive deal. He said,
“Until today, we lacked one thing. We lacked the scale required to compete effectively in the large, rapidly growing and fiercely competitive cloud computing market. Now, that changes.”
There were already plenty of rumors circulating in the market that Joyent is going to be acquired by some biggie. Finally, we got a name indeed, and it’s the South Korean tech giant Samsung Electronics itself. Considering the current scenario of Cloud Computing, Samsung needed to make this call to expand its services in this market.
Joyent is currently providing its premium services for business around mobile devices and Internet of Things (IoT), and post buyout phase the company will surely continue be doing the same thing with little bit more money to invest thanks to the big pocket that Samsung is already having.
Cloud Computing is a very challenging market and it’s not easy to compete with global leaders of this market like Microsoft Azure, Google Cloud and AWS (Amazon Web Services). However, Joyent has a young team and with the financial and marketing backup of Samsung, it can become a worthy challenger for the global leaders for sure.
Joyent is based in San Francisco, and it started operation in late 2004. It raised series of funding since then (last was in 2014), and its investor’s list includes big names like EPIC Ventures, Intel Capital, LGI Ventures, Orascom TMT Investments, and Rally Ventures. It also has a large list of customers which has names like Storify, Paper Culture, Quizlet and much more.