IT 96m Wirehivevizardventurebeat: Pax8, a company that builds software for simplifying the management of cloud services across multiple providers, announced today that it has raised $96M in Series C funding from an investor group led by Flint Capital. The funds will be used to accelerate its product roadmap, invest further in key markets and expand the company’s operations globally.
In addition to this latest round of funding, Pax8 also announced it has acquired London-based technology consultancy Wirehive. Wirehive’s expertise in cloud services, analytics and business intelligence will be key to Pax8 in meeting the growing demand for more intelligent cloud management software.
The new funding round brings Pax8’s total investment to $120M. Launched in 2014, Pax8 is headquartered in Oslo, Norway with offices in Germany and San Francisco. The company has offices across Europe and Asia Pacific, as well as a presence of over 80 business partners globally.
Pax8 helps businesses easily manage and compare cloud services from multiple providers. It provides a single view of an organization’s entire cloud services portfolio, and automates transition between them. The company’s software handles everything from billing to security, and it is fully integrated with the finance department.
In addition to a detailed overview of the entire cloud services portfolio, Pax8 also integrates with existing IT security and compliance systems as well as other cloud management tools. The company’s customers include Next IT, iZettle and E-Junkie.
“The cloud has changed the way we consume, manage and sell IT services,” said Ola Kvernmo, CEO & Co-Founder of Pax8. “But getting to scale can be difficult. That’s why we built Pax8 to make it much easier for organizations to maintain an end-to-end view of their cloud portfolio – without having to hire special people or retrain everyone. The new funding will allow us to accelerate our growth plans and continue to work with our global customers, partners and the ecosystem surrounding cloud services.”
“The fact that Pax8 handles all aspects of the cloud portfolio – from billing to security – makes this a unique offering in the market,” said Flint Capital. “We’re excited to support Pax8 as they continue to position themselves as a key provider of cloud management software.”
Pax8’s customers have very high satisfaction levels, and are highly engaged with their software. In a recent customer satisfaction survey, 98% of respondents said they were very or extremely satisfied with Pax8.
At the same time, the company has experienced significant growth in the past two years. The total number of customers has risen from 250 to over 1,000 across the globe. Pax8’s employee base has doubled from 25 to over 50 globally in 2017 alone.
Pax8 has two primary business units: cloud services, which covers its own cloud management software, and consulting and services, which is the company’s consulting practice.
Pax8 Cloud Services is a flexible suite of products that helps organizations centralize their cloud portfolio across multiple providers. The flagship product is the Pax8 Platform, which provides an end-to-end overview of all cloud services. The platform also offers automation, intelligent cost management and project tracking.
Pax8 Consulting & Services is a proven, highly consultative practice with deep expertise in helping enterprises manage their cloud portfolios. The company has a strong track record in implementing forward looking business strategies that leverage the cloud. These include governance, forecasting, cost control and optimization.
Pax8 has received numerous awards and recognitions since its founding in 2014. Most recently, the company was named one of the UK’s fastest growing tech companies by The Sunday Times Tech Track 100 Europe 2018 report. The company was also named a RISE 100 finalist as well as a top performing cloud management software vendor in Gartner’s Cloud Management Magic Quadrant for 2017.