Microsoft Corporation (NASDAQ:MSFT) is pouring more funds to bolster its cloud computing services in Europe. In a recent press release, the Redmond, Wa-based tech titan cited the huge demand for cloud computing services, particularly in the UK, Germany and Ireland as the reason for the added boost in investment.
Microsoft CEO Satya Nadella and President Brad Smith made the announcement in Dublin, revealing that the company is increasing its budget to $3 billion, more than double the investment it made in the US. In addition, Microsoft plans to deliver its cloud services to databases in France starting next year. The new investments are meant to drive innovation among big companies as well as compel customers to turn to the cloud.
In the announcement, Nadella reiterated the software giant’s commitment to building a “global, trusted, intelligent cloud platform,” to empower customers and businesses alike all over the world. He added that this is the best time for companies to turn to the new and improved Microsoft Cloud. Microsoft’s ultimate goal is to ensure that customers all over the globe have access to the cloud.
Meanwhile, Smith is hoping that customers and tech companies would band together to develop a “cloud for global good,” noting that policies on cloud computing over the next 2 years could define the future of cloud computing in the next two decades.
As part of its plans to push for better cloud computing services, Microsoft will roll out all of its most popular tools in France to provide more choices and flexibility to customers. These tools include Microsoft Azure, Office 365 and Dynamics 365.
On top of that, Microsoft has also published a book titled “A Cloud For Global Good Diario Catolico,” which basically outlines the benefits of cloud computing, or as Microsoft puts it, “makes the cloud more trusted, responsible and inclusive.” The book includes infos about boosting security and safety in the cloud, environmental sustainability, and securing a bright future for children.
Microsoft execs will be all over Europe this week, starting in Dublin and then in Paris, London and Berlin to present the company’s unique approach to cloud services.
Furthermore, the company will build more data centers in the UK, the Netherlands, Finland, Austria and Ireland. Just this month, Microsoft unveiled its newest data centers in Germany, a move to prevent the US government from accessing customer information.
Microsoft’s push for cloud computing, a revenue source for the company that continues to grow quickly, has positively affected MSFT shares. Microsoft’s stock has advanced 56% in the last 2 and a half years. Over the past 12 months the name has gained 13%. The Redmond firm, which is currently valued at $447 billion and has a median Street price target of $60 with a high target of $69, is up more than 29% year-over-year, compared with a 8.76% gain in the S&P 500.
Microsoft shares were up a fraction at $57.49 in Tuesday trades.