Google has struck a six-year cloud computing deal with Meta Platforms worth more than $10 billion, a source familiar with the matter told Reuters on Thursday, the search giant's second big agreement recently after one with OpenAI.

KEY TAKEAWAYS Meta Platforms has reportedly agreed to spend more than $10 billion on cloud services from Google, as the search giant seeks to catch up with larger rivals in the space, namely Amazon Web Services and Microsoft Azure.

Google has secured a six-year cloud contract from Meta, worth over $10 billion, reducing Meta's reliance on Amazon Web Services.