MegazoneCloud Raises USD 122M in Series B Funding Round
Summary
The company intends to use the funds to continue to expand operations and its business reach across the Asian cloud MSP market. Led by Max Lee, CEO, MegazoneCloud is a cloud MSP which was established after being spun off from Megazone. Proving the potential of the market and company, they secured USD 42M in its Series A round in January 2019. Since the closing of Series A, the company has acquired multiple businesses to widen service and solution offerings and established joint ventures with LG CNS, an IT service arm of LG Group, and ITOCHU Techno-Solutions Corporation in Japan to capture captive markets. As a result of the growth strategy, MegazoneCloud, along with its affiliates and subsidiaries, is expected to post revenue exceeding USD 500M in 2020.