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Pax8 secures new funding

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Fast growing cloud products marketplace business Pax8, has raised $185 million in new equity capital from new investor SoftBank Vision Fund 2, increasing its valuation to $1.7 billion.

Pax8 simplifies the IT buying experience for small and medium-sized businesses through the IT channel ecosystem by connecting 20,000 managed services partners to a transactional cloud marketplace that provides billing, provisioning, automation, PSA integrations and pre- and post-sales support.

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.”