DENVER, CO (August 15, 2023) – Pax8, the leading cloud commerce marketplace, today announced it has been recognized by Inc. for the sixth time, securing the 1038th ranking on the 2023 Inc. 5000 list, with a three-year revenue growth of 571 percent. The Inc. 5000 list is the most prestigious ranking of the fastest-growing private companies in America that are credited with driving rapid revenue growth while navigating inflationary pressure, the rising costs of capital, and seemingly intractable hiring challenges. Well-known companies, such as Facebook, Chobani, Under Armour, Microsoft, and Patagonia, among others, gained their first national exposure as honorees on the Inc. 5000.
“In the past three years, our company’s growth has been nothing short of extraordinary as the future of Pax8 holds even greater promise to becoming the world’s favorite cloud marketplace,” said John Street, Chief Executive Officer at Pax8. “This esteemed recognition is a powerful reminder to persistently pursue unrivaled excellence as we ardently work towards creating the next evolution of our cloud marketplace for businesses worldwide.”
Established in 2012, Pax8 was an early pioneer to the market with its cloud marketplace, capitalizing on the growing number of managed service providers (MSPs), vendors, and small to medium-sized businesses transitioning to cloud technology. Through a series of strategic business acquisitions, Pax8 achieved impressive organic and acquired growth, expanding its footprint globally into the EMEA (Europe, Middle East, and Africa) and APAC (Asia-Pacific) regions while tripling its workforce. During this time, the company reached a valuation of $1.7 billion, secured $185 million in investment, and surpassed the milestone of $1 billion in annual recurring revenue (ARR).
Currently, Pax8 provides cloud products and services to approximately 29,000 MSPs across 17 countries, collaborates with over 90 vendors (with the number steadily increasing each month), and serves 300,000+ businesses spanning 52 countries.
“Running a business has only gotten harder since the end of the pandemic,” says Inc. Editor-in-Chief Scott Omelianuk. “To make the Inc. 5000 – with the fast growth that requires- is truly an accomplishment. Inc. is thrilled to honor the companies that are building our future.”
For complete results of the Inc. 5000, including company profiles and an interactive database that can be sorted by industry, location, and other criteria, go to www.inc.com/inc5000. The top 500 companies are featured in the September issue of Inc. magazine, available on newsstands beginning Tuesday, August 23.
To learn more about Pax8, please visit www.pax8.com.
About Pax8
Pax8 is the world’s favorite cloud marketplace for IT professionals to buy, sell, and manage best-in-class technology solutions. Pioneering the future of modern business, Pax8 has cloud-enabled more than 300,000 enterprises through its channel partners and processes one million monthly transactions. Pax8’s award-winning technology enables managed service providers (MSPs) to accelerate growth, increase efficiency, and reduce risk so their businesses can thrive. The innovative company has ranked in the Inc. 5000 for five years in a row. Join the revolution at pax8.com.
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More about Inc. and the Inc. 5000
Methodology
Companies on the 2023 Inc. 5000 are ranked according to percentage revenue growth from 2019 to 2022. To qualify, companies must have been founded and generating revenue by March 31, 2019. They must be U.S.-based, privately held, for-profit, and independent—not subsidiaries or divisions of other companies—as of December 31, 2022. (Since then, some on the list may have gone public or been acquired.) The minimum revenue required for 2019 is $100,000; the minimum for 2022 is $2 million. As always, Inc. reserves the right to decline applicants for subjective reasons. Growth rates used to determine company rankings were calculated to four decimal places.
About Inc.
Inc. Business Media is the leading multimedia brand for entrepreneurs. Through its journalism, Inc. aims to inform, educate, and elevate the profile of our community: the risk-takers, the innovators, and the ultra-driven go-getters who are creating our future. Inc.’s award-winning work reaches more than 50 million people across a variety of channels, including events, print, digital, video, podcasts, newsletters, and social media. Its proprietary Inc. 5000 list, produced every year since 1982, analyzes company data to rank the fastest-growing privately held businesses in the United States. The recognition that comes with inclusion on this and other prestigious Inc. lists, such as Female Founders and Power Partners, gives the founders of top businesses the opportunity to engage with an exclusive community of their peers, and credibility that helps them drive sales and recruit talent. For more information, visit www.inc.com.
For more information on the Inc. 5000 Conference & Gala, slated for October 31 – November 2 in San Antonio, visit http://conference.inc.com/.
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Pax8 Media contact:
Melissa Gallegos, Communications Director
[email protected]