RAPIDSCALE RAISES ADDITIONAL FUNDING FROM INITIAL INVESTORS
The investment will be used to expand channel sales, launch strategic partnerships with Multi-System Operators and Carriers, and add cloud platforms in Europe and Asia.
[IRVINE, CA: March 8th, 2016] RapidScale, a leader in managed cloud services, announced today that it has closed a follow-up funding round from six of the original angel investors. RapidScale will use the funds to hire Cloud Sales Engineers and Regional Channel Managers, and to launch strategic partnerships with Multi-System Operators and Telecom Carriers. The individual angel investors include:
- Jim Patterson, CEO of Patterson Advisory Group and former President of Sprint’s Wholesale division
- Scott Luttrell, CEO and Chief Investment Officer of LCM Group
- Kevin Costello, former President of Ariba, Inc., an SAP Company
- Marvin Wheeler, former COO of Terremark and current President of Cybraics
- Two additional investors from the private equity industry
“We have been very impressed with RapidScale’s progress in 2015 and are glad we could participate in this investment round,” said Jim Patterson. “As RapidScale’s addressable market continues to expand, we wanted to be sure that they had sufficient capital to extend their reach and improve their competitive position. In addition, Kevin Costello’s service on the Board of Directors will provide additional insights and guidance.”
Co-Founder and CEO, Randy Jeter, says “We are excited to partner with this group of investors for the second time in less than three years. They have been extremely helpful as we have grown revenues and cash flow. Being backed by this group financially for a second time also speaks volumes to the direction of RapidScale, and the belief they all have in it.”
RapidScale will use the investment to expand channel sales and add new global cloud platforms in Europe and Asia:
- Overall Growth – Over the last three years, RapidScale has averaged 160% annual growth. The company has been able to achieve this level by becoming a leader in channel sales, both retail through Master Agents and Wholesale through VARs, MSPs, and SaaS providers.
- Strategic Partnerships – In 2015, RapidScale solidified a partnership with Convergia Communications, a Montreal-based global provider of voice, data and Internet services. Other core partners already in place include Tierpoint, Samsung, and Star2Star. Additionally, RapidScale will be launching cloud services for two of the largest MSOs and one of the largest Carriers in the United States.
- Product Innovation – RapidScale continues to develop innovative ways to automate and deliver cloud services on multi-tenant platforms. The company is also working with multiple startup organizations and proven innovative leaders to deliver the best experience to end users. Innovation is a key reason for RapidScale’s recent growth.
- Company Accolades – RapidScale was recognized as one of CRN’s 25 Coolest Emerging Vendors and named in its Cloud Partner Program Guide in both 2014 and 2015. The company also won numerous awards from channel partners for delivery and customer service in 2015.
- Partner Case Study – RapidScale’s leadership in VDI and Managed Cloud Desktop was recently highlighted in a Citrix Case Study. The case study details several reasons why RapidScale has been a key partner for Citrix, contributing to its success in delivering Managed Cloud Desktops (VDI) to the SMB market.
As these examples show, RapidScale has become a go-to market cloud partner for retail and wholesale partners throughout the world.
RapidScale strives to be the most customer-oriented managed cloud services provider in the industry. Its objective is to understand each organization’s long-term IT delivery, support, and management goals. RapidScale’s personalized cloud solutions reflect the understanding that no two businesses are the same and their cloud solutions shouldn’t be either. The fully managed focus is a result of demand for white-glove service and managed cloud environments.
RapidScale, a managed cloud services provider, delivers world-class, secure, and reliable cloud computing solutions to companies of all sizes across the globe. Its state-of-the-art managed CloudDesktop platform and market-leading cloud solutions are the reasons why RapidScale is the provider of choice for leading MSOs, VARs, MSPs, Carriers and Master Agents throughout the United States. RapidScale is not only delivering a service but also innovating advanced solutions and applications for the cloud computing space. RapidScale’s innovative solutions include CloudServer, CloudDesktop, CloudOffice, CloudMail, CloudRecovery, CloudApps, and more. For more information on RapidScale, visit www.rapidscale.net.
Stefanie Ryan | Marketing Director