Microsoft Corporation (NASDAQ:MSFT) has found a $1 billion customer for its 365 cloud productivity tools in Amazon.com Inc (NASDAQ:AMZN), according to reporting from Insider citing an internal document.
Amazon has committed to the $1 billion deal over five years and secured more than 1 million Microsoft 365 license seats, per the report.
Amazon is expected to begin setting up the new systems in November. Currently, the ecommerce titan uses a local version of Microsoft's Office products.
Shares of Microsoft gained 0.6% in extended trading Tuesday, while Amazon stock slid 0.2%.
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