NEW YORK (TheStreet) -- Microsoft (MSFT) - Get Report shares are are gaining by 1.62% to $47.03 on Thursday as the company is partnering with Jasper Technologies, a developer of cloud-based platforms, to launch more of its Internet of Things (IoT) services later this year, The Wall Street Journal reports.

As part of the deal, Jasper will help Microsoft manage and monitor cellular connectivity, which is crucial for remote jobs that do not have wireless connection, Fortune noted.

Specifically, Jasper's Control Center will be integrated into Microsoft's Azure IoT suite, which is scheduled to be released later this year.

Microsoft's Azure IoT suite helps customers manage data that comes from connected devices by offering a range of analytics and data management tools, The Journal said.

"The strategy is to allow customers to augment their existing business with IoT systems," Azure IoT suite's director Sam George stated. "The partnership with Jasper is one of potentially many partnerships down the road."

Based in Redmond, WA, Microsoft develops, licenses, markets, and supports software, services, and devices worldwide.

Separately, TheStreet Ratings team rates MICROSOFT CORP as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:

"We rate MICROSOFT CORP (MSFT) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its reasonable valuation levels, expanding profit margins, increase in stock price during the past year, largely solid financial position with reasonable debt levels by most measures and notable return on equity. We feel its strengths outweigh the fact that the company has had sub par growth in net income."

Highlights from the analysis by TheStreet Ratings Team goes as follows: