Internet telephone company 8x8 Inc said it entered into a partnership with Virtual Computing Environment Company (VCE) to speed up deployment of its cloud computing services on a new platform, sending its shares up to an eight-year high.
VCE was formed by Cisco, EMC Corp with investments from VMware and Intel to tap into the fast-growing cloud computing market.
It developed the VBlock platform, which speeds up cloud computing as it provides network, storage, virtualization and management technologies in one place.
8x8 said adopting VBlock will help it accelerate its cloud-based offerings, cut costs, and broaden its customer base by targeting larger enterprise and government customers.
Shares of the Sunnyvale, California-based company were trading up almost 8 percent at $4.80 on Wednesday on Nasdaq. They rose to $4.84, earlier in the session.
(Reporting by Siddharth Cavale in Bangalore; Editing by Joyjeet Das)