Alphabet's  (GOOGL) - Get Report acquisition strategy will focus on cloud companies, CFO Ruth Porat told the crowd at Recode's Code Conference in California on Wednesday. 

"The acquisitions that we've talked about really in particular fill in holes in cloud and that's been really valuable," Porat said though she did not give specifics about which companies Alphabet might target. Alphabet has about $47 billion in overseas cash reserves that it has not repatriated. 

"If we're not investing now, we're going to rue the day that we didn't," she went on to say. 

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