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Navient Inc. announced Tuesday that it had raised $250 million in venture capital to become the first publicly traded company in the United States to buy itself out of the $1 trillion market for cloud computing.
Navient will become the largest private company to buy its own cloud, which has generated excitement from both startups and investors.
The deal is the latest example of the power of public companies to take control of their own destiny and expand their businesses.
The $250 billion industry, including Navient, is estimated to have revenues of $3.5 trillion, according to a report by Gartner Inc. In addition to the deal, Navient is seeking additional funding to expand its offerings, including its $1.4 billion acquisition of Compuware in February.
The company said in a statement that the deal provides a “clear path forward for our company to further expand its business and continue to deliver value to its customers.”
The move by Navient follows similar moves by Amazon.com Inc. and Google Inc. to acquire large data and analytics companies.
“The next step for Navient and CompuWare is to expand their offerings and ensure that their existing customers continue to benefit from their expertise and their customer service,” said David R. Hochman, chief executive officer of Navient.
The move follows a $5 billion investment in CompuTech last year.
In January, the U.S. government approved a $400 million federal loan to help Navient acquire CompuServe, which it acquired in May.