March 20, 2018

Megaport to expand their network by raising USD 46.25M

The expansion aims to provide connectivity to a broad customer base in a bid to extend their global footprint.

Network service provider Megaport have announced that they will be expanding their network by raising USD 46.25 million. With this expansion, Megaport aims to deliver connectivity to a wider range of customers in order to extend their global footprint.

Megaport say that their plans to expand globally were fuelled by untapped markets having huge growth potential. They further added that in a bid to gain first mover advantage in these markets, revisiting their expansion plan was necessary.

Speaking about the same, Vincent English, CEO at Megaport commented:

Enabling our software-defined network in more markets that are currently underserved by cloud connectivity is critical to maximising our first-mover advantage.

According to Megaport, the expansion plan attracted interest from credible investors in the U.S. Since these investors also saw the potential for growth, they agreed to a part-cash, part-equity deal, Megaport added.

Explaining this in detail, English added:

Megaport has received very strong interest in the placement from US institutional investors, culminating in commitments from three cornerstone investors who have agreed to subscribe for over AU$50 million of shares at AU$3.75 per share.

As of now, Megaport say that their data center tally stands at a total of 185 in number covering 52 in Asia-Pacific region, 76 in America and 57 in Europe. In closing, they said that Megaport will be leveraging their worldwide network to deliver better connectivity solutions to customers worldwide.