Tuesday, September 16, 2014

Rackspace: We're Off The Market

San Antonio-based cloud infrastructure provider Rackspace said Tuesday afernoon that it is no longer looking for a buyer, and has decided to terminate M&A discussions. The move comes as the company also has named Taylor Rhodes as the company's CEO. Rackspace disclosed on May 15th that it had been approached by multiple parties on a possible M&A deal, and had accelerated both an investment banker and legal advisor to consider those offers. However, Rackspace says its board now has decided to focus on growing the managed cloud market rather than acquisition efforts.