Digital Ocean Holdings _ a New York Stock Exchange-listed firm is buying a Pakistani tech-company Cloudways which is providing cloud hosting and software services to small and medium-sized businesses. Digital Ocean Holdings is paying $350 million to buy Cloudways.
A significant portion of the consideration will be paid over a 30-month period following the closing of the transaction in September, company said in a notification issued to stock market regulators.
The amount of the transaction in foreign exchange will be one of the biggest foreign acquisitions in the field of technology in Pakistan.
“The acquisition will simplify workflows for small to medium-sized businesses that are looking for easier ways to build and scale their digital businesses,” it said.
Cloudways is expected to generate “more than $52 million in revenue in fiscal 2022,” representing a three-year compound annual growth rate in excess of 50 per cent.