Major technology companies are accelerating their investments in the cloud market…
According to the Wall Street Journal, Alphabet (GOOGL) has been tapping into its massive, $142 billion treasure chest of cash to build out its cloud-computing operations.
The company has also reportedly taken equity stakes in a variety of cloud firms over the course of 2021. This includes businesses such as CME Group and Univision Communications.
And these stakes have enabled Alphabet to win several multi-year contracts. They also helped it grow its cloud services to be worth as much as $1 billion.
Yet, Alphabet isn’t alone in these endeavors. Microsoft (MSFT) continues to build out its Azure platform through its investments in startups.
And Oracle (ORCL) has spent the past few years altering its business into a Software-as-a-Service (SaaS) powerhouse. The company even announced its largest deal ever – a $28.3 billion acquisition of Cerner – to expand its cloud presence.
These rapid investments in the industry are unlikely to end anytime soon, either. This is because they’ve allowed several technology companies to grow their market share in an effort to catch up with Amazon (AMZN).
As this continues, it should benefit other companies operating in the industry…
This includes Asana (ASAN), a web and mobile application firm that helps companies organize, track, and manage their work processes.
But Asana has already been undergoing rapid growth.
Nearly tripling in value in 2021, Asana outpaced a variety of big-named cloud stocks despite the broader decline in the technology market.
This is due to its year-over-year revenue growth of 70% in its second and third quarters. Yet, its large jump in paying clients, combined with a 96% increase in spending by companies on its services, also played a major role.
These factors suggest that while technology stocks as a whole continue to struggle, Asana should further flourish in 2022…
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