The CEO of Rackspace said Tuesday the SA-based tech business is likely to announce a sale of part of the company this fall.
Kevin Jones, CEO of Rackspace, said the company is likely to have a breakup plan in place by this fall.Months after signaling a potential breakup of the cloud computing company, the chief executive of Rackspace Technology Inc. said Tuesday the company is likely to announce a sale of part of the company this fall.
In May, Jones raised the possibility of selling off parts of the company. Rackspace, he said, had completed a “strategic review” after hearing from a potential buyer interested in one of its businesses. “We are deep into the detailed planning of this realignment,” said Amar Maletira, chief financial officer. “Once we have completed the planning phase, we can more accurately forecast the revenue and profit expectations of each of those business units.”as president of the firm’s public cloud business unit as the company moves toward reorganizing.
That November, New York private-equity powerhouse Apollo Global Management took the company private in a $4.3 billion deal. Rackspace began working with the tech giants to help its customers move their data to both private and public clouds. Its 2021 results fell short of Wall Street expectations, with profit and revenue decling year-over-year.
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