Shares of Lytus Technologies (NASDAQ:LYT) rallied more than 200% in premarket trading on Thursday, after the Dubai-based company announced the launch of Lytus Cloud, a suite of cloud infrastructure services, focused on serving clients in the U.S., while also establishing a presence in key international markets.
Lytus Technologies (LYT) Wednesday after market said, Lytus Cloud is designed to meet the escalating demands of enterprise computing, tapping into the expansive $325.9 billion global data center market (Statista).
The introduction of Lytus Cloud is expected to catalyze growth across all Lytus Technologies' offerings, reducing cloud-related expenses and powering the deployment of state-of-the-art products and services, the company said.
This initiative marks Lytus Technologies’ transition into a major player in the cloud computing sector, with plans to rapidly expand its capacity globally over the next two years.
LYT +211.69% premarket to $7.2.