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I am new to Azure and exploring cache related services in Azure. I see only Azure cache for redis service as PAAS offering. What if I use memcached or hazelcast in my on-prem and want to move app to Azure? Do we use same service or we need create VM and install all these(IAAS)? I am looking for PAAS solution.

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Redis Cache is a PaaS offering which comes with an SLA which covers the connectivity to the cache endpoints. If you want to go for a VM based option you need to handle the updates etc.