Cloud Sherpas, one of the fastest-growing cloud services brokerages, is set to pursue its international expansion and enter the next phase in the evolution of enterprise cloud services.
To this end, the company recently raised $40 million in a Series B round, backed by Columbia Capital, Delta-V Capital, Greenspring Associates and Queensland Investment Corporation.
This $40-million Series B capital raise is believed to help the company execute its aggressive international growth plans for 2013 and beyond.
“This fundraise advances our mission to help our clients generate maximum return on their investments in strategic cloud initiatives,” Chris Arroyo, chief financial officer at Cloud Sherpas, said in a statement.
“Investor response to our Series B was overwhelming and the round was over-subscribed, further validating our market leadership and future potential. The process has exceeded our expectations and we are absolutely bullish on the future of Cloud Sherpas,” Arroyo added.
Existing Series A investors Columbia Capital and Delta-V Capital are joined in the new round by Greenspring Associates, a global venture capital firm with over $2.2 billion in committed capital, and Queensland Investment Corporation, one of the largest institutional investment managers in Australia.
Cloud is everywhere now, and customers are getting more eager to know how they can leverage it to innovate, gain market share, stay more connected with customers, and ultimately stay one step ahead of the competition.
Cloud applications are implemented with more flexibility and with less risk, and allow for a tighter focus on business and process innovation.
With over 3,000 customers, Cloud Sherpas has more than doubled in size organically every year since its inception, and projects 2013 revenue north of $100 million. Cloud Sherpas has also made a name for itself as an industry consolidator.
Since 2007, the firm has merged with or acquired eight cloud consultancies.
The new funds will allow Cloud Sherpas to better serve existing and prospective customers who are rapidly increasing their use of cloud services and are anxious to move off legacy on-premises systems.
The new capital will also be used by Cloud Sherpas to grow its presence in key geographic regions, extend partnerships with Google (News - Alert) and salesforce.com, and expand into emerging technology categories.
“Cloud Sherpas is helping businesses around the globe aggregate multiple cloud services, integrate them with in-house apps, and customize them to meet their unique needs. This new investment will allow us to help our clients realize all that is possible with the cloud,” stated David Northington, chief executive officer at Cloud Sherpas.
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