NEW YORK (TheStreet) --VMware (VMW) - Get VMware, Inc. Class A Report and IBM (IBM) announced industry-first cloud services titled Cloud Foundation that allow companies to easily move workloads to the cloud at VMworld 2016 in Las Vegas earlier today.
The cross-cloud architecture will allow organizations to extend existing workloads to any cloud service in hours, rather than weeks or months, because they won't have to re-architect applications, re-design security, or retool operations, according to the company's announcement.
In the past, the majority of enterprise customers hadn't been moving workloads to the cloud because of the difficulty associated with it, VMware CEO Patrick Gelsinger said on CNBC's "Squawk Alley" this morning.
A survey conducted by the cloud and virtualization company in partnership with The Economist revealed that customers used an average of eight different cloud platforms, as well as many applications, Gelsinger said.
With Cloud Foundation companies will have the freedom to quickly move workloads across cloud services, giving them "cloud freedom as well as cloud control," he explained.
By 2021 half of workloads will be in the cloud, Gelsinger predicted.
VMware will launch the beta version of Cloud Foundation early next year. The release will be a "seminal moment for the ecosystem and industry" because it solves a common work problem for companies, according to Gelsinger.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings team rates VMware as a Buy with a ratings score of B-. This is driven by multiple strengths, which the team believes should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks the team covers.
You can view the full analysis from the report here: VMW