Millicom International Cellular TIGO has announced a strategic collaboration with Amazon Web Services (AWS) through its Tigo Business division to accelerate the development and adoption of cloud services in Latin America. Tigo Business, with operations in nine Latin American countries, offers professional services including intelligent connectivity and storage solutions for public and private clouds, all with robust security measures. The partnership with AWS will enhance its digital solutions portfolio to meet the growing demand for business process optimization in the region.
The cloud market in Central America and the Caribbean is expected to reach $283.2 million by 2024, growing at a CAGR of 18.6% between 2023 and 2028. Businesses are transitioning to cloud technologies to improve efficiency, scalability, and flexibility in data management. CIOs are focusing on compliance solutions and data sovereignty, and Tigo Business aims to capitalize on this trend with its advanced services and security measures.
Through the collaboration with AWS, Tigo Business aims to become the preferred partner for AWS customers, offering essential tools and support to businesses transitioning to the cloud. The partnership will also focus on providing digital content and training to foster a digital ecosystem that promotes digital inclusion and economic development in Latin America.
TIGO shares have gained 58.5% in the past year, outperforming the industry. The company currently holds a Zacks Rank #3 (Hold). Other key picks in the industry include Arista Networks, Inc. (ANET) with a Zacks Rank #2, Motorola Solutions, Inc. (MSI) also with a Zacks Rank #2, and Silicon Motion Technology Corporation (SIMO) with a Zacks Rank #2.
Arista Networks supplies products to prestigious clients and has a strong growth outlook. Motorola Solutions provides services to government segments and public safety programs, with a solid earnings track record. Silicon Motion Technology is a pioneer in RF ICs and NAND flash controller ICs, with a positive long-term growth outlook.
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