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Amazon's (AMZN) AWS Selected by BMO, Strengthens Clientele

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Amazon's (AMZN - Free Report) robust cloud services portfolio is helping it gain customers.

BMO Financial Group— commonly known as BMO— recently selected Amazon Web Services (“AWS”) as its preferred and strategic cloud provider. This highlights the efficiency and reliability of AWS’s innovative cloud products and services.

BMO will leverage AWS’s analytics, machine learning, serverless, compute, storage and database.

Notably, in a bid to build and scale digital platforms, BMO is migrating its workload to AWS, which, in turn, will add efficiency to its retail and commercial banking, investment banking, and wealth management businesses.

Along with this, BMO is shifting its online and mobile banking applications to AWS. Apart from this, it will roll out a hands-on cloud skill training program for its non-technical and IT employees with AWS’s support.

The latest selection of AWS by BMO will add strength to the customer base of the former.

Portfolio Strength: Key Catalyst

We believe that AWS will continue to witness growth in its clientele on the backof its focus on enhancing service offerings.

Recently, the company made its new service, which makes the addition of location functionality seamless, Amazon Location Service, generally available. Further, it announced the general availability of its application delivery service called AWS Proton.

Furthermore, AWS made anew capability for Amazon Elastic Container Service (“ECS”), Amazon ECS Anywhere, generally available.

Also, it announced the general availability of its fully managed container application service — AWS App Runner.

We believe that the strengthening of AWS offerings will help Amazon in maintaining the dominant position in the cloud market, wherein competition is intensifying with the growing endeavors of peers like Microsoft (MSFT - Free Report) , Alphabet’s (GOOGL - Free Report) Google and Alibaba (BABA - Free Report) ., Inc. Revenue (TTM), Inc. Revenue (TTM), Inc. revenue-ttm |, Inc. Quote

To Conclude

We believe that AWS will continue to witness growth in its clientele,bankingon its focus on enhancing service offerings.

Apart from BMO, Disney is leveraging AWS to support the expansion of Disney+. Notably, Disney has selected AWS as the preferred public cloud infrastructure provider for the above-mentioned purpose.

Notably, growing clientele will continue to drive top-line growth of AWS, which has become an integral part of Amazon. In first-quarter 2021, AWS generated $13.5 billion in revenues (12% of total revenues), which rose 32% year over year.

Currently, Amazon carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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