UK's Micro Focus to collaborate with AWS; shares surge By Reuters

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UK's Micro Focus to collaborate with AWS; shares surge

Published Mar 03, 2021 03:53AM ET Updated Mar 03, 2021 06:11AM ET

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UK's Micro Focus to collaborate with AWS; shares surge

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(Reuters) - IT firm Micro Focus International (NYSE:MFGP) said on Wednesday it had joined hands with Amazon.com Inc (NASDAQ:AMZN)'s cloud computing division to help customers migrate their mainframe applications and workloads to the platform.

Shares of the British firm surged about 15% to 504.1 pence by 0855 GMT, becoming the biggest gainer on the FTSE mid-cap index.

As part of the collaboration, Micro Focus has issued warrants to Amazon.com to subscribe for up to 15.9 million ordinary shares in the company at 446.6 pence per share.

Micro Focus' deal with Amazon Web Services comes soon after it re-instated its dividend, while making "solid progress" in the first year of its three-year turnaround plan.

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