Rackspace just announced this morning that it has snatched up ObjectRocket, an emerging Database-as-a-Service provider. Terms of the deal, which is set to close later today, were not disclosed.

ObjectRocket offers developers a cloud-based environment that’s built to run MongoDB, a popular NoSQL database developed by a company called 10gen.  The service is available on-demand and starts at $29 per 1GB. Pricing is not expected to change with the acquisition.

The startup maintains offices in Boston and Silicon Valley, and its platform is hosted at two separate locations on the East coast and West coast. As a part of the deal, the entire ObjectRocket staff will move to Rackspace headquarters in Austin, TX, and the service will be migrated to the cloud firm’s data centers.

“Databases are the core of any application and expertise in the most popular database technologies will be critical to us delivering Fanatical Support in the open cloud,” said Pat Matthews, senior vice president of corporate development at Rackspace. “As we look to expand our open cloud database offering into the MongoDB world, we are really excited to work with the entrepreneurs and engineers at ObjectRocket.”

Pat Matthews, Rackspace’s senior vice president of corporate development, said that the acquisition is to meant strengthen his company’s database offering. His firm became interested in MongoDB, and the decision was made to buy ObjectRocket instead of going through the hassle of hiring new engineers and building a product from the ground up.

Rackspace is bent on staying ahead of the competition, even if it means compromising the bottom line in the near term. Last Friday the company slashed its rates by 33 percent in an effort to put the hurt on Amazon, which is known for its complicated pricing plans and high bandwidth costs.