Like many big companies, Microsoft (NASDAQ: MSFT) likes to grow even larger by acquisitions. The pace of the software giant's asset buys has slowed of late, but it's still got its eyes on attractively valued prizes. On Monday the company announced its latest acquisition, and investors greeted the news by trading Microsoft stock up by 1% to top the essentially flat S&P 500 index.

Confirming rumors that had been floating around the tech space for several weeks, Microsoft announced on its official blog that it acquired Fungible. The formerly privately held company specializes in data processing units (DPUs), a type of hardware frequently deployed for use in data centers.

The company was founded by onetime Apple software engineer Bertrand Serlet in 2016. Fungible's core product, the Fungible DPU, was also invented that year.

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Source Fool.com