Denver (Jan. 05, 2021) — Pax8, the best place for IT professionals to buy cloud products, today announced the acquisition of Wirehive, a forward-thinking cloud hosting and consultancy company headquartered in the United Kingdom.
The company also revealed 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.
The purchase of Wirehive provides Pax8 with expanded reach across new technologies and geographies.
“Wirehive adds an incredible amount of value to the Pax8 business, enabling us to diversify our technology portfolio, provide more innovation to our partners, and capitalize on worldwide digital transformation,” said John Street, CEO at Pax8. “The acquisition will enable both organizations to unlock new ways to automate cloud orchestration and optimization and expand our ability to simplify cloud strategies for IT professionals.”
“The values, culture, and synergies between Pax8 and Wirehive are strong as we have a common goal to help businesses modernize with cloud technology,” said Robert Belgrave, Chief Executive Officer at Wirehive. “This acquisition will prove to be transformative. With Pax8, we can grow and scale at a faster rate while optimizing business operations and expanding opportunities to our customers.”
According to Forrester’s Predictions 2021: Cloud Computing, the public cloud infrastructure market will grow 35 percent to $120 billion in 2021. The acquisition will enable partners across multiple geographies to capitalize on market trends and growth trajectories.
“In an Accenture survey, 76% of CEOs agree that current business models will be unrecognizable in the next five years — with ecosystems as the main change agent,” said Jay McBain, Principal Analyst at Forrester. “The channel software industry is rapidly building out ecosystem functionality and acquiring key assets as these companies look to emerge from the ‘decade of the channel ecosystem’ as winners.”
Key benefits of the Pax8 acquisition of Wirehive include:
- Accelerated job creation in new geographies: Pax8 and Wirehive plan to offer new, diverse job opportunities in the UK
- Expand reach into new markets: Provides access to technology that simplifies the cloud buying journey for the IT channel
- Capitalize on access to new technology: Offers new emerging technologies and comprehensive technology stacks in a consultative approach
- Provide enhanced technical capabilities for step-by-step cloud migration
Of the $96 million in new equity capital, Street said it provides Pax8 with the means to expand globally into new geographies and accelerate the ongoing development of its cloud marketplace technology platform.
“We have a unique approach that tightly couples our technology platform with an unparalleled customer experience that simplifies cloud adoption,” he said. “As we enter into the new year, we are excited about the partnership with Catalyst and Sageview and the new opportunities this investment provides.”
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About Pax8
Pax8 is modernizing how partners buy, sell, and manage cloud. As a born-in-the-cloud company, Pax8 simplifies the buying journey with cloud automation, empowering the modern partner to achieve more. The company’s technology displaces legacy distribution by connecting the channel ecosystem to its award-winning transactional cloud marketplace. Through billing, provisioning, automation, industry-leading PSA integrations, pre and post-sales support, and education, Pax8 is a proven disruptor in the market. Pax8 has ranked in the Inc. 5000 for three consecutive years — #68 in 2018, #60 in 2019, and #111 in 2020 — as one of the fastest-growing private companies in the US. If you want to be successful with cloud, you want to work with Pax8.
