Born-in-the-cloud distributor Pax8 has inked a global partnership with HSBC as it prepares to launch its upgraded cloud marketplace.
The partnership will give Pax8 a $50 million line of credit that will aid its community of 30,000 partners, including its growing base in Australia and New Zealand (A/NZ).
Pax8 said the partnership will bolster its liquidity position and “further its growth ambitions”, although noted it doesn’t intend to use the line of credit immediately given “its strong cash position”.
“As we navigate the international landscape, our relationship with HSBC goes beyond just a financing partner; it’s a testament to our ambition to expand our global footprint, having already proven our model’s success across several continents. HSBC’s global reach, commitment to innovation, and fortress balance sheet further bolster our market position,” said Puneet Pamnani, chief financial officer at Pax8.
“By consolidating our global banking operations with HSBC, we not only benefit from their outstanding credit reputation but also reinforce our operational position as we explore new markets.”
Founded in 2012, Pax8 describes itself as a born-in-the-cloud distributor that uses its cloud marketplace for enhanced billing, provisioning and automation, underpinned by pre- and post-sales support plus education and enablement programs.
Upon its A/NZ launch, the company named Chris Sharp as senior vice president, James Bergl as vice president of business development and Tracy Lacewell as vice president of sales.
It now claims to offer cloud solutions to 300,000 customers and ten million end-users worldwide.
It is now preparing to launch a new iteration of its cloud marketplace, offering partners advanced capabilities and data-driven analytics, it is perfectly positioned to dominate the global cloud market.
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Read More: Pax8 lines up US$50M credit with HSBC