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(Reuters) – South Korea’s LG Electronics (066570.KS) said on Thursday it had signed a partnership deal with Microsoft (NASDAQ:MSFT) on cloud computing and virtualization, hot IT technologies aimed at helping business cut costs.

Under the pact, LG will introduce monitors integrated with Microsoft software. The monitors will function as virtual computers, allowing multiple users to run programs off a single standard PC, LG said. Virtualization refers to technology that allows one computer to perform the work of many machines.

The alliance will primarily target the market for virtualization solutions for educational institutions, aiming to become a leader in the segment with a 25 percent share in 2012. The segment is expected to grow by more than 50 percent every year, reaching 6 million units in 2012 and 20 million units in 2015, LG said.

LG and Microsoft will also team up to introduce monitors for cloud computing, a technology that allows users to access data and software over the Internet. The cloud computing market is expected to expand to 12 million units in 2012, LG said. (Reporting by Hyunjoo Jin; Editing by Ken Wills)