- Abu Dhabi Global Market (ADGM), an international financial center in UAE's capital emirate, collaborated with Rackspace Technology, Inc RXT on several strategic technology initiatives. The financial terms of the transaction remain undisclosed.
- Rackspace Technology will support ADGM in its journey to leverage cloud computing and develop a comprehensive business data platform.
- Also See: Rackspace Technology's Q3 Results
- Cloud migration will enable ADGM to drive cost efficiencies and agility in IT operations and provide a modern, secure technology footprint to deploy enhanced business services.
- Abdullah Al Qubaisi, Director of Technology Services at ADGM, said, "We have seen exponential growth in the last seven years and believe that our journey to the cloud and data platform will not only help us maintain this but also help future-proof ADGM as an organization. We believe that Rackspace Technology, with its deep cloud expertise and relationships with major hyper-scale public clouds, is the right partner to support us on this journey."
- Price Action: RXT shares traded lower by 5.70% at $5.80 on the last check Thursday.
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