The recent announcement from Microsoft to begin tech investment in Greece has many interesting details to consider. In May 2020, the company planned to acquire a Greek software company called Softomotive, a company that specializes in cloud-based mobile apps. The company also plans to train 100,000 people in Greece by 2025. Ultimately, these two developments will positively impact Greece’s digital economy. Here are some of the highlights from this exciting news.
Microsoft to invest $1.17 billion in Greece
Last month, Microsoft President Brad Smith met with Prime Minister Kyriakos Mitsotakis in the New Acropolis Museum to discuss the company’s investment plans for Greece’s digital porn data center region. The investment will help Greece improve its digital economy, improve investment potential, and attract other large companies to the country. The move comes as Greece struggles to recover from the effects of the previous decade’s debt crisis when it estimated that the government would lose up to 25 percent of its GDP. Meanwhile, unemployment rose to 16.4 percent in the first quarter of this year, and the International Monetary Fund forecasts joblessness will rise to 20% by 2020.
The move by Microsoft will improve the digital skills of over 100,000 people by the end of 2025. The company plans to increase digital competencies in public sector government entities through online and in-person training. In addition, the company plans to recruit graduates and train existing employees in digital technologies. It also plans to expand its ReGeneration program to reach more people in the country. It will also invest in new data centers in Greece. Microsoft is making a significant investment in the country, and Mitsotakis hopes the data center investment will help bring back graduates to the country.
Microsoft acquired Softomotive in May 2020
The acquisition of Softomotive, a software robotics automation company, came as a surprise to many. The company had raised $25 million from investors, including Grafton Capital. Softomotive had more than 9,000 customers worldwide, serving various industries. Microsoft previously acquired the startup Metaswitch. Softomotive will now merge with Microsoft’s Azure cloud computing platform. Microsoft will also have access to the company’s extensive R&D infrastructure.
The acquisition of Softomotive brings many customer benefits, including 315 APIs for Power Automate. These APIs connect Windows applications to SAP, Java, Citrix, and traditional green-screen terminal applications. In addition, while many of Microsoft’s low-code RPA features are cloud-based, Softomotive’s desktop bots can run offline. The acquisition also brings ProcessRobot, a server-based enterprise RPA development tool.
Plan to train 100,000 people in Greece by 2025
With the help of its data centers in the country, Microsoft hopes to train more people in digital technology, helping to bolster the economy. The company plans to introduce 100,000 people to Greece by 2025 and invest $1 billion in the country’s digital transformation. This investment will create new jobs and help the country build its infrastructure. Adding the data centers to the country’s existing infrastructure network will provide several benefits, including creating new jobs.
The announcement of the Greek investment comes as a significant boost for the country’s economy, which is struggling to recover from eight years of international bailout programs and austerity measures. The harsh measures imposed by the Greek government led to a 25% drop in GDP and a rise in unemployment. With a projected triple GDP in the coming year, the country has a long way to go. But Microsoft’s announcement of a $ 1 billion investment is a vote of confidence in the country’s potential.
Impact on Greece’s digital economy
With the Microsoft investment, Greece can develop its digital economy and reduce its reliance on tourism. COVID-19 had been a significant catalyst for bringing economic activity online and off the island, and Greece’s government has welcomed the investment by the tech giant. The news was announced at the New Xhamster Acropolis Museum. The deal also included a training component for about 100,000 Greek workers, educators, and students.
The investment could be worth $1 billion, with the benefits reaching far beyond that amount. It could also result in the creation of three huge Microsoft data center sites near Athens. In the long run, the total economic benefit from the investment could exceed $1 billion, depending on the number of projects completed in Greece. Additionally, the Greek government can expect the acquisition to create jobs and boost the country’s digital economy.
