DigitalOcean (NYSE:DOCN), a New York-based provider of a cloud for small and medium-sized businesses (SMBs) and startups, acquired Paperspace, a New York-based provider of cloud infrastructure as a service for highly scalable applications leveraging graphics processing units (GPUs).
Under the terms of the transaction, DigitalOcean acquired Paperspace for $111 million in cash. The acquisition is expected to have an immaterial impact on 2023 financial results.
With the acquisition, DigitalOcean will extend its offerings, enabling customers to test, develop and deploy artificial intelligence and machine learning (AI/ML) applications, augment and enhance existing AI/ML applications and utilize GPUs. Paperspace customers will also gain access to DigitalOcean’s extensive documentation, tutorials and support system to assist them in their journey to build and deploy AI applications. DigitalOcean customers exploring or already building AI/ML applications will now be able to leverage GPUs alongside their CPU workloads.
Led by CEO Dillon Erb, Paperspace is a cloud platform for building and scaling AI applications. Its customer use-cases include deploying LLMs, fine-tuning Foundation Models, leveraging generative media, and more. Individuals and businesses use Paperspace to explore new models with Notebooks, automate training with Workflows, and bring their applications to life with deployments.
Led by CEO Yancey Spruill, DigitalOcean provides infrastructure and fully managed offerings to enable developers at startups and small and medium-sized businesses (SMBs) to build, deploy and scale there digital presence or build digital products. It combines security, community and customer support.
FinSMEs
10/07/2023