The cloud distributor enterprise, Pax8 has announced that they have raised $96 million in equity funding. This equity round was led by Sageview Capital and Catalyst Investor along with the contribution of some existing investors like Liberty Global Ventures and Blue Cloud Ventures.
This news of fundraising was disclosed by Pax8 just after a day after the declaration of their Wirehive acquisition. But the total valuation of the company was not revealed by them yet.
The addition of Wirehive in the Pax8 provides a U.K. footprint to the company and also gives the Microsoft Azure cloud partner capabilities.
The cloud services of Google Cloud and Amazon Web Services were also managed by Wirehive.
Pax8 was founded by John Street in 2012, with the aim of accomplishing the exigency of an advanced distribution channel for Cloud IT service suppliers. Its headquarters is present in the Greater Denver Area of the Western U.S.
Pax8 works to simplify the buying journey and also helps in empowering its partners to almost always acquire something extra with cloud tech. For IT services firms, Pax8 helps in centralizing the provision and billing processes, across numerous applications.
PURPOSE FOR RAISING THE FUND
The main objective behind raising this fund is-
- To expand the spatial reach of the company in the world.
- To magnify the cloud automation services and orchestration capabilities for the marketplace users of the company.
- To reduce the friction encountered by the IT service firms, while deploying the services of cloud on the behalf of their customers.
- To give their customers a platform that can manage multiple cloud subscriptions service and give applications like software-as-a-service(SaaS), which helps the IT service firms to manage the renewals of their subscriptions across a wide range of cloud services like security, storage, IT management, etc, which is similar to the Amazon’s long-term-everything strategy.
John Street, the CEO and Founder of Pax8 said investment from this funding round helps Pax8 to expand its dimensions into new geographies and also helps in accelerating the ongoing growth of our industry as a leader in cloud marketplace technology platform.
He further added that they have an antique approach that will tightly bond their tech platform with an unparalleled customer experience that will make the adoption of the cloud much simpler than ever.
In the end, he said that they are extremely excited to develop a partnership with Catalyst and Sageview and looking forward to the new opportunities waiting ahead.
About Catalyst Investors And Sageview Capital
Catalyst Investors is a New York-based private growth equity investment firm that helps out companies in scaling their business to reach the complete potentials that the company has. This firm was founded in 2000 by Brain Rich, Ryan McNally, and Chris Shipman and the CEO is Ryan McNally. The Northeastern US’s Greater New York Area is the location of its headquarters.
Partner at Catalyst Investors, Todd Clapp said that Pax8, built by John Street and his team is a real innovator and a leading contributor of cloud services to the channel.
As only a fraction of the workload has been moved to the cloud by the SMBs(Server Message Block Protocols), Pax8 is composed to experience massive growth, and he also added that the Catalyst is highly excited to be a part of that growth.
Sageview Capital is a Californian capital provider that helps in the growth and development of small and mid-sized firms in the financial services, business services, and technology sectors. In 2006, this company was founded by Edward Gilhully and Scott Stuart. Its head office is situated in San Fransisco BayArea, Silicon Valley, West Coast.
Scott Stuart said the hallmarks of our investment in Pax8 is their significant addressable market and emerging leadership position in Europe and North America.
Pax8 has raised $96M in its additional equity. The company was backed by its leading investor Catalyst Investor and Sageview Capitals along with some other existing investors.
With this funding capital, Pax8 aims to expand the geographical reach of the company, magnify the cloud automation services and orchestration capabilities for the marketplace users of the company, and to simplify the use of the cloud for the IT service providers.
Catalyst and Sageview both are standing along with Pax8 to achieve this goal. This will make the cloud world much easier and more profitable for IT services and other users.
Catalyst Investors and Sagaview Capitals.
Not disclosed by the company.