London July 17 (IANS) Global telecommunications operator Orange on Tuesday announced to acquire Cloud firm Basefarm Holding for 350 million euros ($410.5 million) to become an European leader in Cloud computing services for the enterprise sector.
Orange Group through its enterprise subsidiary Orange Business Services acquired 100 per cent of the company s capital for an enterprise value the company said in a statement.
"We are proud to announce the acquisition of Basefarm. The company s integration will enable us to significantly extend our Big Data and critical application management services on a rapidly consolidating market " said Helmut Reisinger Chief Executive Officer of Orange Business Services.
Basefarm which registered a revenue of over 100 million euros in 2017 has a strong operational presence in several European countries particularly in Norway Sweden the Netherlands Austria and Germany.
With its existing team of 1 600 Cloud computing experts Orange Business Services is currently growing by around 15 to 20 per cent each year.
The closing of the transaction is expected to take place during the third quarter of 2018.
Orange is one of the world s leading telecommunications operators with sales of 41 billion euros in 2017 and 150 000 employees worldwide.

--IANS na/bg