Rackspace Hosting Hires Investment Bank

San Antonio-based Rackspace Hosting has hired investment banker Morgan Stanley, and is now seeking either a buyer or a strategic investor. Rackspace said in a filing with the SEC Thursday that its board has hired Morgan Stanley because the company has been approached by "multiple parties" interested in a strategic relationship with the company. Rackspace said Morgan Stanley would handle "inbound strategic proposals" and explore other alternatives to help it in its long term strategy.