Softbank Invests In Pax8; MSP Cloud Marketplace Nears $2B Valuation
Summary
The funding announcement comes the same day that Kaseya, backed by Insight Partners and several other private equity firms, acquired Datto for $6.2 billion. Roughly 20,000 MSPs leverage Pax8’s cloud marketplace to find, select, deploy and manage various SaaS and IT automation solutions for SMB customers. Key moves include: In a prepared statement about the April 2022 funding announcement, Pax8 CEO John Street said: “As we continue to evolve our technology and marketplace to meet the needs of SMBs, the new investment will provide capital to accelerate innovation and continued expansion into new global markets. This strong funding round reflects the powerful work Pax8 is doing to enable and grow SMBs through our partners, employees, technology, education, and support. Year over year, we continue to experience record-breaking growth, and we look forward to working with SoftBank to continue elevating our performance.” “Pax8 has disrupted the IT industry, exemplified courage through innovation, and has built the people, processes, and technology to revolutionize the way businesses build and consume technology Under John’s leadership Pax8 has shown ongoing success and we believe its vision for the future will prove to be transformative for B2B markets.” “Through its marketplace, Pax8 is empowering SMBs with technology solutions they would otherwise not have access to while simultaneously granting software vendors distribution capabilities to a hard-to-reach customer segment.
