San Francisco, CA – Cloud services provider DigitalOcean has announced its acquisition of AI development startup Paperspace for $111 million in cash. This purchase stands out as one of the latest moves in the company’s growth strategy. By integrating Paperspace into its ecosystem, DigitalOcean aims to expand its expertise in cloud computing and provide customers with a more comprehensive service offering.
Paperspace is recognized as a startup that delivers impactful solutions in the fields of artificial intelligence and machine learning. Its combination of high-performance cloud computing infrastructure and user-friendly approach sets Paperspace apart from its competitors. By assimilating Paperspace’s innovative technologies and capabilities, DigitalOcean seeks to strengthen and diversify its existing service portfolio.
Ben Uretsky, CEO of DigitalOcean, commented on the acquisition, stating, “Paperspace’s expertise in cloud computing and its impressive capabilities in AI solutions align perfectly with our company’s growth objectives. With this acquisition, we will enhance our ability to deliver more innovation and business solutions to our customers. We are thrilled to welcome the Paperspace team into our family.”
DigitalOcean has been making waves recently with strategic acquisitions. Last year, the company acquired Cloudways, a cloud hosting service provider based in Pakistan, for $350 million, aiming to bolster its presence in the global market. The acquisition of Paperspace propels DigitalOcean to a prominent position in the field of artificial intelligence, further enhancing its competitive edge.
Daniel Kobran, one of the co-founders of Paperspace, added, “We are excited to join forces with an established company like DigitalOcean. As Paperspace, we have found the right partner to fulfill our goal of providing our customers with the best service and maintaining our leadership in innovation. Together, we will push the boundaries in the cloud computing and AI domains.”
DigitalOcean’s acquisition of Paperspace reflects the rapid changes and developments in the cloud computing sector. By bringing together expertise from different areas, the company can offer customers a broader range of services, paving the way for future growth and success.