Pax8 Raises $96 Million to Transform Cloud Services Delivery
Pax8, a leading provider of cloud-based products for IT professionals, has announced that it has raised $96 million in new equity capital. The funding was co-led by Catalyst Investors and Sageview Capital, with additional contributions from previous investors Blue Cloud Ventures and Liberty Global Ventures [1]. This latest funding round brings Pax8’s total funding to $155 million, and the company plans to use the funds to accelerate its growth and expand its product offerings [2].
Revolutionizing Cloud Services Delivery
Pax8 is a distribution application that helps IT professionals buy, sell, and manage cloud products. The platform simplifies the provisioning and billing processes across multiple cloud applications, making it easier for IT service firms to centralize their operations [3]. The company’s mission is to revolutionize cloud services delivery by providing IT professionals with a single platform to manage all of their cloud-based products.
Expanding Product Offerings
With the new funding, Pax8 plans to expand its product offerings and accelerate its growth. The company will use the funds to invest in research and development, hire new talent, and expand its global reach [4]. Pax8 also plans to expand its product offerings beyond cloud-based products to include security, networking, and other IT solutions [1].
New Board Members
In addition to the funding announcement, Pax8 also announced the appointment of two new board members: Jonathan Drillings, Managing Director at Sageview Capital, and Tyler Newton, Partner at Catalyst Investors. Both Drillings and Newton bring extensive experience in growth equity investing and will help guide Pax8’s strategic direction [1].
The Future of Cloud Services Delivery
Pax8’s latest funding round is a testament to the growing demand for cloud-based products and services. As more businesses move their operations to the cloud, the need for centralized platforms to manage these products will continue to grow. Pax8 is well-positioned to meet this demand and revolutionize cloud services delivery [2].
Conclusion
Pax8’s latest funding round is a significant milestone for the company and the cloud services industry as a whole. With the new funding, Pax8 plans to accelerate its growth and expand its product offerings, positioning itself as a leader in cloud services delivery. The appointment of two new board members with extensive experience in growth equity investing will help guide Pax8’s strategic direction and ensure its continued success [1].
