DigitalOcean, a US-based cloud infrastructure provider, is adding technology to enhance its offerings for small and medium-sized companies. This Tuesday, the company announced that it has entered into an agreement to acquire Cloudways, a leading managed cloud hosting and software as a service (SaaS) provider for small and medium-sized businesses (SMBs).

DigitalOcean will acquire Cloudways for $350 million in cash, including a significant portion of the consideration to be paid over a 30-month period following the closing, according to the company’s press release.

This latest deal will help expand DigitalOcean’s serviceable market within global SMBs as well as increase options for bloggers, content creators, digital agencies, ecommerce sites, freelance developers, and builders hosting on PHP, Magento, and WordPress platforms.

In addition to expanding DigitalOcean’s technology portfolio, the deal will also increase DigitalOcean’s global workforce by around 30 percent as well as boosts expertise in key growth areas.

Founded in 2012, and based in St. Julian, Malta, Cloudways is a managed cloud hosting provider that supports more than 72,000 customers worldwide. The company provides simple onboarding and day-to-day management that is perfectly designed for SMBs looking to outsource their on-ramp to the internet. Entrepreneurs and SMBs around the globe have chosen Cloudways for their differentiated offering and superior customer experience. The company maintains and operates offices in Spain and Dubai.

Cloudways is one of the few companies on the planet that offer a great balance between affordability and great functionality when it comes to managed hosting. Last year, G2, one of the most trusted online review sites for software and services, ranked CloudWays at the top of the G2′ Managed Hosting and Web Hosting Categories.