Cloudways, a Pakistani firm that provides cloud hosting and software as a service (SaaS) facilities to small and medium-sized businesses, will be acquired for $350 million in cash by DigitalOcean Holdings Inc, a New York Stock Exchange-listed company.
According to a corporate statement issued on Wednesday, a substantial amount of the consideration will be paid over a 30-month period following the transaction’s conclusion in September. The purchase will be one of the largest foreign acquisitions in Pakistan’s history. According to the company DigitalOcean, “the purchase will ease processes for small to medium-sized enterprises searching for improved techniques to start and expand their digital operations.”Cloudways’ revenue is estimated to be “more than $52 million in fiscal 2022,” marking a three-year compound annual growth rate of more than 50%.
Cloudways has garnered a committed following of over 75,000 clients, many of which are small-business organisations, since its beginning in 2012 by providing simple web solutions for cloud servers.
The organisation takes special delight in providing prompt and dependable client service.
Tech leaders in Pakistan hailed the acquisition as a boon for digital newcomers, especially in light of Airlift’s bankruptcy in July.
“Cloudways and DigitalOcean share concepts of simplicity, community, transparency, and support that are fundamental to how we differentiate in the business,” said DigitalOcean CEO Yancey Spruill of the acquisition. We will collaborate to deliver a clear, plain, intuitive, and trustworthy platform to help SMBs build their businesses and achieve their entrepreneurial ambitions.”
Both founders seemed to have a strong and opportunistic eye on the SMB markets in their acquisition remarks, “SMBs value simplicity, performance, predictability, price, and exceptional service.” “With DigitalOcean, we can accelerate our objective of assisting SMBs in growing through our cloud products,” stated Cloudways CEO.
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