Splunk Shares Rise on Deal to Become Available on Google Cloud

Google Cloud customers will be able to use Splunk's data analysis software, which can help companies identify patterns such as consumer buying habits.
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Splunk  (SPLK) - Get Report shares rose Tuesday after the data platform company announced a partnership with Alphabet  (GOOGL) - Get Report that will make Splunk Cloud available on the technology giant’s Google Cloud.

Splunk collects and analyzes data to help companies identify patterns, such as customers’ clothing preferences, and discover irregularities that could indicate fraud or a cyberattack. Users of Google Cloud will now have access to Splunk’s data analysis software. 

Splunk shares were rising 7.71% to $145.32 following news of the deal. The stock has slid 9% over the past three months, compared to an 11% drop for the S&P 500 index.

The partnership between Google and Splunk will “help organizations drive actionable insights from their data and enable better, faster decisions with real-time visibility across the enterprise,” the companies said in a statement.

The two firms have “plans to roll out new native integrations with Anthos, Google Cloud Security Command Center, and Google Cloud's operations suite,” the statement said.

“This will enable new and existing customers to share critical data between applications and draw insights from holistic sets of data extracted from their hybrid, multi-cloud environments.”

Google Cloud customers can now use an early-access beta version of Splunk Cloud, and everyone should be able to use it soon, the companies said.

Alphabet recently traded at $1,363.81, up 3.09%, and have slipped 8% over the last three months.

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