IT 96m Wirehivevizardventurebeat; Pax8, the leading provider of cloud-as-a-service solutions announced that they have raised $96 million in a Series C financing round led by JMI Equity and Fidelity Investments through their investment arm Fidelity Growth Partners.
“With this funding and the acquisition of Wirehive, we will be able to expand our global footprint while continuing to deliver intelligent solutions that empower businesses worldwide,” said Kristin Ludwig, Pax8 CEO. “We’ve seen a tremendous amount of growth over the last year but it’s not enough. Our goal is to be a market leader and an industry innovator.”
This brings the total volume raised by the Seattle-based company to more than $162 million.
Founded in 2010, Pax8 provides cloud-as-a-service solutions for IT organizations with more than $1 billion in annual revenue. The company’s services include: cloud billing, enterprise cloud services, software-as-a-service (SaaS), infrastructure-as-a-service (IaaS), platform-as-a-service (PaaS), business continuity and disaster recovery.
Pax8’s solutions enable IT organizations to centralize provisioning and billing processes across multiple cloud applications to reduce complexity and streamline their service delivery functions. Additionally, Pax8 provides IT organizations with a complete suite of intelligent automation capabilities designed to assist with the day-to-day processes involved with managing cloud connectivity and the shift to cloud computing.
Wirehive is an intelligent automation platform that helps companies scale their billing and subscription management processes across their cloud applications. The company’s solutions help IT organizations manage and optimize the buying experience for their end users while automating critical processes and assisting them in obtaining better visibility into usage consumption, trends, usage data, revenue and top-line results.
The acquisition of Wirehive will expand Pax8’s footprint to include the United Kingdom, Australia, New Zealand, Ireland and Germany.
“We are pleased to be joining Pax8 and look forward to helping the company expand its global footprint,” said Jason Barker, co-founder and chief executive officer of Wirehive. “We are excited about the opportunity to grow our business globally with a partner that shares our core values and focus on providing customers precise control over their cloud services.”
“I believe that the acquisition of Wirehive will prove to be a very positive and strategic move for Pax8,” said Bill Fitzgerald, Founder and Managing Partner at JMI Equity. “The combination of Pax8’s software-as-a-service solutions for IT leaders with Wirehive’s intelligent automation platform for managing monthly recurring billing across multiple cloud applications creates a powerful team that will accelerate Pax8’s growth into the cloud market.”
With this round of funding, Pax8 has now raised $162 million in total.
“As a cloud-services provider dedicated to helping customers adopt and thrive on the cloud, we are pleased to be working with Pax8 to bring their cloud-as-a-service offerings to the United Kingdom market,” said John Montgomery, managing director of Fidelity Growth Partners Europe. “The Wirehive acquisition is a strong step forward for Pax8 and we’re excited about helping them expand into new markets.”
Pax8 has been ranked No. 1 in Gartner’s Magic Quadrant for three consecutive years, and is one of Gartner’s “Cool Vendors in Cloud Services.” The company had revenues of $100 million in the third quarter of 2015.
Wirehive was founded in San Francisco in 2012, and started with a mission to provide a simple solution for IT organizations that needed to automate billing across multiple cloud applications.
