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Investing.com — Rackspace Technology jumped 11% Monday on reports Amazon (NASDAQ:AMZN) is in preliminary talks to invest in the company, Reuters reported, citing people familiar with the discussion.
Amazon may take a minority stake in Rackspace, which helps companies migrate data to Amazon Web Services, as well as Google (NASDAQ:GOOGL) Cloud and Microsoft (NASDAQ:MSFT)’s Azure.
Rackspace is majority-owned by private equity firm Apollo Global Management LLC Class A (NYSE:APO), and went public earlier this month.
Amazon Web Services revenue rose almost 29% in the second quarter, to $10.81 billion.
