Australia markets close in 2 hours 55 minutes

Amazon AWS Selected by Old Mutual, Expands Cloud Clientele

Zacks Equity Research

Amazon AMZN is poised to sustain its momentum in the global cloud market on the back of expanding clientele and strength in cloud services offering.

Recently, the company’s cloud computing arm — Amazon Web Services (AWS) — was selected by Old Mutual Limited as its preferred cloud provider. This highlights the efficiency and reliability of the company’s AWS services.

Africa-based Old Mutual provides financial solutions to retail and corporate customers. The firm is leveraging AWS’ analytics and Machine Learning (ML) services in order to enhance customer experience.

Notably, Old Mutual is using Amazon Lex, Amazon SageMaker and Amazon Personalize and other services to offer security to customers and accelerate production rate.

Additionally, the financial solutions provider will shift digital customer platforms, product administration systems and core insurance applications to AWS. Notably, it will move more than 1,000 of its applications.

Expanding Customer Base

The recent move by Old Mutual bodes well for AWS’ consistent efforts to expand its clientele. Apart from this, AWS was recently selected by The Globe and Mail as its preferred cloud provider.

Further, the company acquired another client — Pro Football Focus (PFF) — which opted AWS as its official cloud and ML provider. PFF has transitioned its entire infrastructure to AWS.

We believe that expansion of customer base will continue to drive AWS’ top line in the near and the long term.

Moreover, it will help Amazon to maintain its dominant position in the cloud market., Inc. Revenue (TTM), Inc. Revenue (TTM), Inc. revenue-ttm |, Inc. Quote


Portfolio Strength & Higher Cloud Competition

Strong portfolio is a key catalyst driving AWS’ momentum. This is prompting the unit to expand its services portfolio.

Recently, the company recently made AWS IQ generally available. Notably, the service is equipped to easily connect with AWS-Certified experts and enable seamless interaction with project-oriented customers.

Further, AWS made Amazon Quantum Ledger Database available for general customers. The service helps in storage of structured and unstructured data in the ledger through database capabilities as well as document-oriented data model.

AWS also announced the general availability of Amazon Forecast and AWS Lake Formation. Amazon Forecast provides highly accurate forecasts by leveraging ML techniques. AWS Lake Formation aids in seamless building, securing and managing data lakes.

However, cloud market competition is intense thanks to companies like Microsoft MSFT, Alphabet’s GOOGL Google, Alibaba BABA, IBM and others that are undertaking efforts to strengthen market share.

Moreover, Microsoft Azure and Google Cloud are gaining strong traction among customers, which is a threat to AWS’ market position.

Currently, Amazon carries a Zacks Rank #4 (Sell). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Biggest Tech Breakthrough in a Generation

Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.

A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 7 stocks to watch. The report is only available for a limited time.

See 7 breakthrough stocks now>>

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Alibaba Group Holding Limited (BABA) : Free Stock Analysis Report, Inc. (AMZN) : Free Stock Analysis Report
Alphabet Inc. (GOOGL) : Free Stock Analysis Report
Microsoft Corporation (MSFT) : Free Stock Analysis Report
To read this article on click here.
Zacks Investment Research