Acer announced that the company is going to acquire 100% stake in US cloud computing company iGware for US$320 million, according to a July 22, 2011 report by the China Times of Taiwan. Through the acquisition, Acer plans to leverage iGware's technology to establish its cloud infrastructure, dubbed Acer Cloud, and release cloud-based products in 2012. After the acquisition, it is projected that iGware will be renamed Acer Cloud Technology. Transaction is slated to be finalized at the end of September 2011.