NetApp makes Spot acquisition official

NetApp announced today that it has completed its acquisition of Spot, a leader in compute management and cost optimization in public clouds. NetApp announced its intentions to acquire Spot in early June. 

As part of the acquisition, NetApp has launched Spot by NetApp. Delivering application-driven infrastructures (ADIs) and cloud infrastructures using analytics and machine learning, Spot by NetApp drives cloud resource optimization for real-time compute and storage.

In all, Spot by NetApp provides users with a portfolio of compute and storage services to monitor and analyze the needs of applications. In turn, Spot by NetApp optimizes cloud resources to satisfy those needs. 

With Spot by NetApp, customers can make greater use of cloud excess compute capacity and save up to 90% of compute and storage costs, which NetApp says typically account for 70% of cloud spend. Customers can use compression, dedup and tiering technology to save costs too.

Spot by NetApp can also provide full value out of customers’ cloud reserved capacity and scale and adapt to deliver optimized capacity and performance. 

Anthony Lye, senior vice president and general manager of NetApp’s public cloud services business unit, said, “With Spot by NetApp, we will enable customers to get more out of their cloud investment to gain competitive advantage and accelerate their business success.”

“Cloud infrastructure gives application developers the ability to develop and deploy applications faster by providing resources almost instantly at any time,” Amiram Shachar, CEO and co-founder of Spot added. 

“We are excited to join NetApp in pursuit of the shared vision to help application owners embrace and take advantage of the full power of the cloud,” Shachar continued.

Though financial terms have not been disclosed at this time, Israeli publication CTECH’s sources said the deal would ring in at $450 million back in June.