DENVER, CO (May 16, 2023) – Pax8, the leading cloud marketplace, announced today it has been selected as a 2023 U.S. Best Managed Company. Sponsored by Deloitte Private and The Wall Street Journal, the program recognizes outstanding U.S. private companies and the achievement of their management teams. A distinguished panel of independent judges assessed more than 500 U.S. applicants based on their excellence in four key areas – strategy, ability to execute, corporate culture, and governance/financial performance. Out of these 500 applicants, only 56 companies from the U.S. were selected, joining a prestigious global ecosystem of honorees from more than 46 countries worldwide, all of whom have been recognized by the esteemed Best Managed Companies program. Pax8 is the second company from the state of Colorado to be recognized with the award.
“We are extremely proud and honored to be recognized as a U.S. Best Managed Company and we attribute this success entirely to our exceptional team of employees who consistently surpass expectations in delivering exceptional results for our partners and vendors,” said John Street, Chief Executive Officer, and Co-founder, Pax8. “This national recognition serves as a great motivator for us to continue striving for excellence, as we passionately pursue our vision to build the next generation of our cloud marketplace.”
The 2023 designees are U.S. private companies that have demonstrated excellence in strategic planning and execution, a commitment to their people and fostering a dynamic culture, as well as strong financials. Designees propelled their businesses forward and remained true to their purpose and values by investing in their people, creating advantage through digital transformation, taking measurable action on sustainability, and demonstrating their commitment to diversity, equity, and inclusion.
Being named a U.S. Best Managed Company not only acknowledges Pax8’s commitment to excellence but also honors the principles and values that differentiate the company from its competitors. From its world-class people culture to its innovative marketplace and solutions, and a service culture with a high-touch experience for partners, vendors, and customers, Pax8 strives to be on the leading edge with its marketplace and products by placing its people first.
“Our leading people culture of servant leadership empowers employees at all levels to innovate with new ideas, processes, and services,” added Street. “We continuously improve our business practices to deliver innovative solutions and provide an unparalleled partner, vendor, customer, and employee experience. Innovation is part of our culture and DNA, and it begins with our people.”
When Pax8 was established in 2012, the concept of a cloud marketplace was early to market, and the company was not an immediate success. By 2016, Pax8 began to make significant progress in the dynamic IT industry as an increasing number of managed service providers (MSPs), vendors, and businesses adjusted their strategies by adopting cloud technology.
By 2020, Pax8 had become a pivotal player in the ecosystem, demonstrating resilience even during a global pandemic and the evolution of a remote workforce. In 2022, Pax8 experienced rocketship growth organically and through acquisitions and expanded its operations globally into the EMEA (Europe, Middle East, and Africa) and APAC (Asia-Pacific) regions. The company achieved a $1.7 billion valuation, raised $185 million from investors, and surpassed over $1 billion in annual recurring revenue (ARR). Pax8 was ranked 131 on 2022 Deloitte’s Technology Fast 500 based on its growth from 2018 to 2021 of 1,122%. In addition, Pax8 appeared on the Inc 5000 for five consecutive years.
In addition to their corporate headquarters in Greenwood Village, Colorado, and an office in Florence, Colorado, Pax8 maintains multiple offices around the globe. Pax8’s EMEA locations include Bristol, Farnborough, and Derby in the United Kingdom; Zwolle, Netherlands; Frankfurt and Hamburg in Germany; Brussels, Belgium; Tallinn, Estonia; Vilnius, Lithuania; Riga, Latvia; and Stockholm, Sweden. Additionally, Pax8’s offices in the APAC region, include Brisbane, Australia and Auckland, New Zealand. Lastly, Pax8 also is in Richmond, British Columbia and Liberty Hill, Texas.
Today, Pax8 has established a global brand that speaks for itself. Pax8 partners with more than 28,000 MSPs in 17 countries and 80+ vendors that serve more than 400,000 small and medium-sized businesses. Its global workforce has grown from 550 employees in 2020 to 1,600 in 2023.
“Over the past three years, our company’s growth has been nothing short of phenomenal,” expressed Street. “As a startup, we’ve consistently pushed the limits of what’s achievable in the cloud technology industry. As we scale, we’re thrilled to announce that we’ll be unveiling our vision for the future of Pax8 at our upcoming user conference, Pax8 Beyond in June in Denver. Our plan is to create a connective tissue for the cloud ecosystem that will bring together vendors, partners, and end-users in a way the IT channel has yet to experience. Witnessing the realization of the vision that my co-founders and I shared in 2012 is truly incredible, and we firmly believe the best is yet to come for Pax8.”
For information about Pax8 Beyond or to register, visit Pax8 Beyond.
To view the list of U.S. Best Managed Company honorees, visit 2023 U.S. Honorees.
To learn more about Pax8, please visit www.pax8.com.
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 400,000 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.
About the Best Managed Companies Program
The Best Managed Companies program is a mark of excellence for private companies. U.S. designees have revenues of at least $250 million. Hundreds of private companies around the world have competed for this designation in their respective countries through a rigorous and independent process that evaluates four key criteria in their management skills and practices — strategy, execution, culture and governance/financials. U.S. program sponsors are Deloitte Private and The Wall Street Journal. For more information, visit www.usbestmanagedcompanies.com.
Pax8 Media Contact:
Melissa Gallegos, Communications Director