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SkyKick raises $130M in a debt financing round to fuel its platform innovation and help meet IT Service Providers’ demand for cloud automation solutions and accelerate cloud automation across the globe
SkyKick, a global cloud management software provider, raised $130 million in an oversubscribed debt financing from its investors to accelerate cloud automation across the globe, a press release from the company said.
The previous funding for SkyKick came in 2018, where it netted $40 million in an undisclosed venture round. With the close of this debt financing, the company said it has raised about $200 million to date. SkyKick stated that this round was the company’s sixth “insider-led” round with participation from Morgan Stanley Investment Management, who was joined by SkyKick’s existing investors Navin Thukkaram, Craig Nerenberg, Hawk Capital, Trebuchet Capital, Schechter Capital and other private technology investors.
SkyKick, founded in 2011, provides cloud automation and management products to companies to help them migrate, protect and manage their customers in the cloud. Evan Richman and Todd Schwartz, co-founders and co-CEO’s of SkyKick, said in a joint statement that they were still in the early innings of cloud automation in the small and medium-sized businesses (SMB) market. Expressing excitement about taking the next step in building a powerful automation platform for the IT service providers, they added,
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.Evan Richman and Todd Schwartz, co-founders and co-CEO’s of SkyKick
SkyKick stated that the funding would fuel its platform innovation and help meet IT Service Providers’ demand for cloud automation solutions. SkyKick revealed that the demand for its latest product – Cloud Manager – has grown over 1000 percent in the last year, highlighting the rapid growth for cloud automation.
Hank D’Alessandro, managing director of Morgan Stanley Private Credit, expressed delight at backing SKyKick and lauded its management team.
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 globallyHank D’Alessandro, managing director of Morgan Stanley Private Credit