2023-05-26 08:44:45 ET
- Microsoft's ( NASDAQ: MSFT ) recent Build developer conference is being seen as "incrementally positive" for MongoDB ( NASDAQ: MDB ) and to a lesser extent, Elastic ( NYSE: ESTC ), investment firm Citi said.
- Analyst Tyler Radke said the expanded partnership between Microsoft ( MSFT ) and MongoDB ( MDB ) was a "significant improvement," which Radke said may have come from the tech giant's desire to elevaet MongoDB as a "tier one partner" for its new Azure Native ISV program.
- "Through the expanded agreement there is tighter integration of MDB Atlas and native Azure services, while on the [go-to-market] side there are dedicated MDB focused Azure reps and customers can retire Azure credits by consuming MDB Atlas," Radke wrote. "Conversations with [go-to-market] leaders pointed to significant growth potential particularly in [the second half of ] this year."
- For Elastic, Radke said he learned of "incremental demand tailwinds" on generative AI and renewed interest in vector search, as the company demonstrated new ESRE search product capabilities.
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Microsoft developer conference seen as positive for MongoDb, Elastic: Citi