Telefonica, S.A.’s ( TEF Quick Quote TEF - Free Report) subsidiary, Telefonica Tech, recently announced that it has expanded its partnership with tech giant Microsoft Corporation ( MSFT Quick Quote MSFT - Free Report) to enhance the security of companies in regulated sectors with certain confidential hybrid cloud solutions. The solutions are likely to bolster digital transformation initiatives of public sector organizations, including Defence, while securing their private data in Microsoft 365, Microsoft Azure and Microsoft Dynamics 365. Telefonica Tech, Telefonica’s digital business arm, is responsible for managing cyber security, artificial intelligence, cloud, IoT and Big Data businesses with the utmost efficacy. The segment manages these businesses under a single umbrella to not only accelerate revenue generation but also facilitate the entry of new partners for lucrative business opportunities. The unit has 11 specialized Digital Operations Centers and is expected to yield additional revenues of more than €2,000 million in 2022. Both the entities are primarily focused on delivering best-in-class monitoring and encryption services for maximum privacy and security. Per the agreement, Telefonica Tech will capitalize on its robust consultancy, implementation and operation capabilities to deploy the secured cloud services within regulated environments. It also intends to boost data and artificial intelligence strategies of public companies and at the same time contribute to the development of certain use cases to drive innovation. Cloud computing and infrastructure services provided by Telefonica Tech are specifically designed to comply with the European Data Protection Board’s data protection provisions and recommendations. As a renowned name in the field of new-age technology, Microsoft is best known to cater to the requirements of digital sovereignty with the best privacy safeguarding policies and certifications. Six years back, it was touted as the first hyperscale cloud provider to be certified as compliant with the high level of the National Security Scheme. Thanks to the EU Data Boundary initiative, Microsoft enabled customers to store confidential data in its avant-garde software such as Microsoft 365 and Azure with greater security. Further, the Telefonica unit will provide specific value-added services to assure rapid adoption of cloud services by different organizations. The security offerings, provided per this strategic deal, will leverage Telefonica’s current infrastructure and will be supported by Microsoft’s upcoming Cloud Region, to be unveiled in Spain. The incorporation of these dynamic technologies across companies will give a significant push to the long-standing strategic relationship between Telefonica Tech and Microsoft. Driven by such robust digital capabilities, the latest move is expected to propel the digital transformation of public and private entities of all sizes and transition them toward the cloud for thriving businesses. Telefonica provides a comprehensive suite of service platforms for fast go-to-market launches. Its IoT connectivity platform has been designed to address dynamic business requirements and enable a cost-effective solution to improve business productivity. With operations across 17 countries, the Spanish telecom company is capitalizing on the opportunities in the digital world through several growth strategies to enhance long-term prospects. The company is also experiencing healthy traction in the smartphone market. Telefonica currently has a Zacks Rank #3 (Hold). The Spanish tech giant’s shares have gained 4.5% compared with the industry’s growth of 7.2% in the past year. You can see . the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here Image Source: Zacks Investment Research IDACORP, Inc. ( IDA Quick Quote IDA - Free Report) , currently carrying a Zacks Rank #2 (Buy), is a solid pick for investors. The consensus estimate for earnings for the next year has been revised 0.4% upward in the past 60 days. IDACORP delivered a trailing four-quarter earnings surprise of 5.2%, on average. It has returned 23.4% in the past year. IDA has a long-term earnings growth expectation of 4.4%. NiSource Inc. ( NI Quick Quote NI - Free Report) also has a Zacks Rank #2. The Zacks Consensus Estimate for its next-year earnings has been revised 1.5% upward in the past 60 days. NiSource delivered a trailing four-quarter earnings surprise of 2.3%, on average. It has soared 22.3% in the past year. NI has a long-term earnings growth expectation of 6.7%.