SEOUL,
South Korea, July 9, 2024
/PRNewswire/ -- Asia's largest
cloud management company, MegazoneCloud (CEO Max Lee), has selected JP Morgan Securities,
Samsung Securities, and Korea Investment & Securities as lead
underwriters, marking the beginning of its full-scale IPO
preparations.
MegazoneCloud announced that it has chosen a total of six
underwriters, including three global and three domestic firms. In
addition to the lead underwriters, BofA Securities, Citigroup
Global Markets Korea Securities Ltd., and KB Securities Co. have
also been appointed. The underwriters expect the company's
valuation to reach up to 7 billion
USD following the IPO.
MegazoneCloud is the biggest MSP partner for Amazon Web Services
in Asia and the leading partner
for Google Cloud and Microsoft Azure in South Korea. MegazoneCloud currently provides
cloud, data analysis, GenAI services to over 7,000 clients and
offers integrated services through partnerships with over 100 major
solution providers.
MegazoneCloud has recorded continuous growth, achieving sales
exceeding 1 billion USD for the past
two consecutive years, and posted a net profit in the first quarter
of this year. Established in 2018 through a physical division from
its parent company, Megazone, MegazoneCloud was valued at
1.74 billion USD in 2022, four years
after its founding. It secured a Series C investment of
326 million USD from MBK Partners and
IMM PE.
In 2023, MegazoneCloud's sales grew by 12.7% compared to the
previous year, while the prior year's growth rate was 68.4%.
MegazoneCloud, holding cash assets worth over 360 million USD, is actively exploring business
expansion opportunities through large-scale M&A based on its
stable cash flow.
In addition to its domestic operations, MegazoneCloud has been
expanding its international business through eight overseas
subsidiaries in the United States,
Japan, Canada, Australia, Shanghai and Beijing in China, Vietnam, Hong
Kong, and Singapore. Its
overseas MSP business achieved a 44% increase in sales
year-over-year, approximately 50 million
USD.
About MegazoneCloud
MegazoneCloud and Megazone affiliates, with a team of around
2,800 cloud experts, have become the first unicorn in the Korean
cloud MSP industry, achieving a revenue close to USD 1.1 billion in 2023. MegazoneCloud extends
its operations beyond the Korean market, overseeing local entities
in eight countries, including the United
States, Japan, Canada, Australia, China (Shanghai and Beijing), Vietnam, Hong
Kong, and Singapore. To
learn more, visit: www.megazone.com/us/.
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SOURCE MegazoneCloud