Colorado-based Ajubeo received additional funding from private equity firm Grey Mountain Partners. The cloud solutions provider did not provide financial details about the investment. Ajubeo said it would use the funds to expand its reach, specifically in the New York Metro Area. It would also use the money to develop new products, increase its workforce and implement sales and marketing initiatives.
Ajubeo had seen demand for its Virtual Datacenters and Desktops, Backup and Restore-as-a-Service and Disaster Recovery-as-a-Service rise since it went to market. The firm posted an average of 600% quarterly revenue growth in the past year.
Ajubeo President and CEO Chuck Price noted the rapid expansion of the cloud infrastructure market. "The question is no longer whether infrastructure-as-a-service is a viable alternative to traditional methods. Instead, customers are architecting their IT-based products and services around a diversified cloud strategy. This shift has led to strong demand for high-performance, production-ready cloud services from providers such as Ajubeo," he explained.
Grey Mountain Partners Affiliate Manager Marcello La Rocca said his company is excited at supporting the Ajubeo team. "Ajubeo continues to deliver on a strong business plan, providing performance-sensitive customers with a 100% uptime cloud solution that has been measured at twice the performance of current market share leaders such as Amazon Web Services," he said.
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