RTTNews | Sep 7, 2021 09:31AM EDT

09:30 Tuesday, September 7, 2021 (RTTNews.com) - DigitalOcean Holdings, Inc. (DOCN), the cloud for developers, startups and small and medium-sized businesses (SMBs), on Tuesday announced the acquisition of privately held Nimbella, a serverless platform provider. Terms of the transaction have not been disclosed.

There is no change to DigitalOcean's 2021 financial outlook as a result of the acquisition.

The acquisition expands DigitalOcean's capabilities into the rapidly growing function-as-a-service (FaaS) market and would add an additional serverless compute offering to complement the company's existing Infrastructure-as-a-Service (IaaS) and Platform-as-a-Service (PaaS) offerings, which target developers in small and medium-sized businesses (SMBs).

Serverless computing removes the operational complexity in cloud-native environments for application developers as they create new applications and APIs, or modernize existing ones for their companies. It also enables rapid development and deployment, allowing businesses to significantly reduce development costs and increase productivity without sacrificing performance to support their use case.

Earlier this year, Nimbella was named a Strong Performer in The Forrester Wave : Function-As-A-Service Platforms, Q1 2021. DigitalOcean plans to fully integrate the Nimbella serverless offering and launch the product under the DigitalOcean brand in the first half of 2022.

Shares of DigitalOcean Holdings are currently trading in pre-market at $72.80, down $0.66 or 0.90 percent from the previous close.

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