A $100 million investment has been finalized by Microsoft Corporation (NASDAQ:MSFT) in favor of Uber Technologies. Uber’s market value has been assessed to be $50 billion. Earlier in 2015, it was valued at $40 billion but with companies showing great interest in the future endeavors of Uber, its value has extended to a whopping $50 billion.
According to the Chief Executive Officer of Uber Technologies Travis Kalanick, the company is looking to expand its business throughout the globe and this is the reason why it is seeking investment from other top companies. He added, “We filed to authorize this new funding more than two months ago. The filing is available to the public. We aren’t commenting on additional speculation.”
Microsoft had sold parts of its Bing Mapping to Uber last month in June. It offered numerous positions to more than 100 Microsoft employees that were working on data analysis and Image acquisition for Bing, which is the official web search engine for Microsoft.
The plan of Uber and Microsoft is to integrate Microsoft’s Cortana voice controlled assistant with Uber so that people can take Uber rides based on a schedule rather than people ordering the cabs at the final moment. The investment by Microsoft shows the business understanding and closeness among the two companies. It is an evidence of the fact that the two companies will remain partners in the future too.
Uber came to life in the year 2009 and it was founded by Kalanick and Garrett Camp. The services of the company have reached 300 cities in 57 countries since.
Uber locked horns with other established taxi and limousine companies upon arrival. It has been upsetting regulators too who have sued the company in protest. The current partnership with Microsoft will surely aid the image of the taxi company.