2023-07-06 09:15:33 ET
Cloud service firm DigitalOcean ( NYSE: DOCN ) has bought privately held Paperspace for $111 million in cash in a push to further boost its offerings of AI solutions, the company said Thursday.
Paperspace is a provider of cloud infrastructure as a service with high-performance GPU tools that can help small and medium-sized businesses test and scale AI models on the cloud.
Paperspace will be integrated into the company's platform and will take advantage of DigitalOcean's broader cloud services. DigitalOcean customers who are looking at or are already building AI/ML applications will benefit from Paperspace's GPU capabilities.
"Like DigitalOcean’s approach to the cloud, Paperspace simplifies the AI/ML experience, enabling easy and cost-effective experimentation and production across various AI/ML use cases, such as generative media, text analysis and natural language understanding, recommendation engines, image classification and many others," the company said in a statement.
The deal is expected to have an immaterial impact on 2023 financial results and will boost revenue growth in 2024 and beyond, the company said.
For further details see:
DigitalOcean ramps up AI offerings via Paperspace deal for $111M