Blackstone Acquires Cloud Computing Firm Cloudreach

Blackstone has acquired a majority stake in cloud computing business Cloudreach for an undisclosed sum, the buyout fund said on Thursday.

Cloud computing uses a network of remote servers hosted on the Internet to store, manage and process data, instead of a local server or a personal computer.

London-based Cloudreach has operations in seven countries, with clients including travel booking sites Sky Scanner and Trainline and publisher Time Inc.

(Reporting by Dasha Afanasieva; Editing by David Goodman)