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Thursday 23 March 2017

Samsung Electronics to buy US cloud services firm Joyent

A woman walks past a Samsung Electronics Co. sign displayed at the company's Seocho office building in Seoul, South Korea, on Friday, March 14, 2014. Samsung Electronics expects competition to increase on the weak yen and growth of Chinese companies in global markets, Chief Executive Officer Kwon Oh Hyun said in a letter to shareholders posted on the companys website. Photographer: SeongJoon Cho/Bloomberg
A woman walks past a Samsung Electronics Co. sign displayed at the company's Seocho office building in Seoul, South Korea, on Friday, March 14, 2014. Samsung Electronics expects competition to increase on the weak yen and growth of Chinese companies in global markets, Chief Executive Officer Kwon Oh Hyun said in a letter to shareholders posted on the companys website. Photographer: SeongJoon Cho/Bloomberg

Tech giant Samsung Electronics Co Ltd said it will acquire U.S-based firm Joyent Inc to boost its cloud computing and "internet-of-things" capabilities for an undisclosed sum.

In a statement, Samsung said the acquisition will help it strengthen its cloud-related infrastructure and services. The company has been more active in making acquisitions in recent years, such as its purchase of LoopPay in 2015, seeking to bolster its software and services capabilities.

"We work closely with startups to bring new software and services into Samsung, and one of the ways we do this is by driving strategic acquisitions," David Eun, President of Samsung's Global Innovation Center, said in the statement.

Reuters

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