Amazon in talks to invest in cloud services company Rackspace: report

Amazon.com Inc. AMZN,
+ 1.20%
plans to acquire a minority stake in cloud services company Rackspace Technology Inc. RXT,
+ 12.95%,
according to a Reuters report on Monday. A potential investment would strengthen e-commerce’s position in cloud computing and build on its partnership with Rackspace, which helps businesses migrate their data to Amazon Web Services. Rackspace has similar agreements with Alphabet Inc.’s GOOGL,
+ 1.04%
GOOG,
+ 0.91%
Google Cloud, MSFT of Microsoft Corp.,
+ 0.61%
Azure and VMware Inc. VMW,
+ 0.11%.
Rackspace is majority owned by stock company Apollo Global Management Inc. Rackspace and Apollo declined to comment. Amazon was not immediately available for comment.