11 Jun

Here’s What Looker Is Bringing to Google’s Table

WRITTEN BY Neha Gupta

Google is purchasing Looker for $2.6 billion

Alphabet’s (GOOGL) Google is acquiring Looker, a business intelligence software and data analytics provider, for $2.6 billion. The transaction is expected to close in the coming months, upon which Looker will become a part of Google’s cloud computing business. Looker’s software helps businesses to work with multiple cloud services in what the industry calls a multi-cloud strategy.

Therefore, Google is looking at potential twin benefits from the acquisition of Looker. First, Looker will help Google to provide its cloud customers with a more complete analytics solution. As businesses seek to leverage all their data in order to make more informed decisions, demand for data analytics is on the rise.

Here’s What Looker Is Bringing to Google’s Table

Second, Looker will help Google advance its commitment to the multi-cloud strategy, where Google cloud customers will be able to easily access cloud services from other vendors, and cloud customers with other vendors can easily access Google cloud services. Google and Amazon (AMZN) already share a number of cloud customers. For example, Snapchat parent Snap (SNAP) disclosed in regulatory filings before its initial public offering in March 2017 that it would spend $3.0 billion over five years to purchase cloud services from Google and Amazon, Reuters reported.

Google will pay for Looker in cash

Google will pay for the Looker acquisition with cash. Google’s parent Alphabet finished the first quarter with a cash reserve of $113.5 billion, making it one of America’s wealthiest technology conglomerates. Apple, Microsoft (MSFT), and Facebook (FB) finished the first quarter with cash reserves of $225 billion, $131.6 billion, and $45.2 billion, respectively.

Latest articles

On October 22, Sprint announced that its True Mobile 5G service covers 16 million people in nine cities. That day, Sprint fell 1.1% and closed at $6.35.

Kinder Morgan (KMI) currently trades at an attractive yield of about 5%. It expects to raise its dividends by 25% in 2020.

Tech stocks eBay (EBAY), PayPal (PYPL), and Lam Research (LRCX) are moving in after-hours trading after today's earnings reports.

Ford plans to produce autonomous cars for ridesharing by 2021. GM acquired Cruise, a self-driving startup, to kickstart its autonomous driving plans.

PayPal stock (PYPL) is trading down today. With earnings due after the market closes, you should buy PayPal stock on the current dip.

This year has been rough for cannabis companies, including Aurora Cannabis (ACB), whose stock is already down 27.82% year-to-date.