News Summary

World Wide Technology (WWT), an American cloud services giant, has completed its $1.48 billion acquisition of Softchoice, a Toronto-based cloud and software solutions provider. The acquisition, which was announced at the end of last year, involves WWT purchasing all outstanding common shares of Softchoice at $24.50 per share, a premium from its trading price. Despite the acquisition, Softchoice will continue to operate under its own name with CEO Andrew Caprara remaining in his position. The move is expected to accelerate AI adoption and digital transformation for companies worldwide. Softchoice, founded in 1989, has shifted its focus over the years to cloud adoption and management, boasting over 685 managed services customers and partnerships with major tech firms like Amazon Web Services, Google, and Microsoft. This acquisition is significant in the context of ongoing trade tensions between the US and Canada, as it places a prominent Canadian tech firm under American ownership.