SkyKick Announces $130 Million Financing to Accelerate Cloud Automation Platform Globally
SkyKick (skykick.com), a global provider of no-code and low code cloud automation software for Information Technology Services Providers (ITSPs), announced today that it closed a $130 million financing bringing its total capital raised to over $200 million.
Demand for SkyKick's newest product - Cloud Manager - has surged over 1,000% in the past year, underpinning rapid growth for SkyKick's other cloud automation and data protection products. The market for Cloud Managed Services is estimated to grow to $116 Billion by 2025 at an annual growth rate of 13.3%.1 SMBs are expected to adopt Cloud Managed Services at an even higher rate, driven by their need to reduce operational costs and streamline business processes. As a result, IT Services Providers will continue to rapidly expand their cloud support and security models to meet this need.
As SMBs continue to adopt SaaS applications and cloud solutions like Microsoft (News - Alert) 365, Zoom, Salesforce and Google Apps, ITSPs globally will spend an estimated 500 million labor hours on IT cloud administration annually. SkyKick is a leader in this IT cloud management and automation category, with a unique portfolio of products that are used by over 30,000 ITSPs, including CDW (News - Alert), GoDaddy, Vodafone, Deutsche Telekom, Dustin and SHI.
"We are still in the early innings of cloud automation in the SMB market. We're excited to take this next step in our vision to build out the world's most powrful automation platform for the IT Services Providers who serve them," said SkyKick co-founders and co-CEO Todd Schwartz and Evan Richman in a joint statement. "This capital will be used to fuel innovation across our entire product platform, and to accelerate our team's efforts to empower IT partners around the world."
As the cloud automation market evolves, ITSPs and their customers face mounting challenges with security and operational efficiency. This is fueling demand for ITSPs to deliver solutions that use automation to help support customers, improve operations, and deploy more secure cloud infrastructure. SkyKick will use the additional funding to continue to invest deeply in product innovation across its platform, and to accelerate people and resource investments across sales, operations and customer success to serve a growing global ITSP customer base.
"We are thrilled to partner with SkyKick and its outstanding management team," said Hank D'Alessandro, Managing Director of Morgan Stanley Private Credit ('Morgan Stanley'). "We believe that the company is very well positioned in the market to accelerate its growth trajectory and continue to innovate and serve IT Service Providers globally."
This latest funding round was the company's sixth insider-led round, with new participation from Morgan Stanley who provided a combination of debt and equity, and continued participation from current investors Navin Thukkaram, Craig Nerenberg, Hawk Equity, Trebuchet Capital, Schechter Private Capital and other technology private investors. Brian Stengel, Managing Partner of Trebuchet Partners served as the exclusive financial advisor to SkyKick.
With global headquarters in Seattle, European Headquarters in Amsterdam, Netherlands and offices in Sydney and Tokyo, SkyKick helps managed services providers, resellers and distributors in more than 125 countries to be more efficient and profitable. Over 30,000 IT partners use SkyKick's cloud automation and management products to migrate, protect and manage their customers in the cloud. The company has won numerous awards including being named a Microsoft Partner of the Year and one of North America's fastest growing technology companies according to Deloitte's (News - Alert) Technology Fast 500™. For more information visit skykick.com.
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