Google to Buy Software Developer Apigee in $625 Million Deal
Alphabet Inc's Google is acquiring software developer Apigee Corp in a deal valued at about $625 million, as it strengthens its cloud business.
San Jose-based Apigee's software helps a company's backend services interact with mobile and web-based apps used by customers and partners.
"Companies are moving beyond the traditional ways of communicating like phone calls and visits and instead are communicating programmatically through APIs (Application Programming Interface)," said Dianne Greene, who runs Google's cloud computing division.
Google will pay Apigee shareholders $17.40 for each share held, a 6.5 percent premium to the stock's Wednesday close.
Apigee's shares were trading above the offer price at $17.45 on Thursday morning.
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