Cloud partnerships rain opportunities on Megaport

Cloud partnerships rain opportunities on Megaport

Megaport (ASX: MP1) has delivered a solid quarter off the back of new partnerships and a successful stint of overseas expansion.

During the period (2Q18) the data centre provider joined forces with IBM Cloud to provide direct connectivity to the IT giant's cloud-native services.

Megaport also launched new services in Denver, Colorado and Hamilton in New Zealand, taking its total worldwide number of data centres enabled to 185.

The company's total revenue increased by 12.7 per cent from the last quarter to hit $4.68 million, while monthly recurring revenue for December was up 22 per cent at $1.6 million.

CEO Vincent English said 2Q18 was a period of strong revenue growth and ecosystem building for the company, and that it will be crucial for Megaport to continue its work in the cloud-native space over the coming months.

"As cloud service providers continue to differentiate their services and bring unique offerings to the market, it is critical that we keep delivering more choices and drive more value to our customers," said English.

"Deepening our existing cloud partner relationships enables us to stay at the forefront of delivering high-performance connectivity."

English said Megaport's IBM partnership gives the company a means to support developments in fast-growing spaces including artificial intelligence, analytics, blockchain and the internet of things.

Heading into its third quarter, Megaport looks to continue its momentum in the cloud space as well as improving its services.

"We will continue to expand our service footprint and enrich our ecosystem with the next-generation services driving the next wave of cloud to ensure we maintain our first-mover advantage."

At the time of writing (10:51am AEST) Megaport shares are up a slight 1.2 per cent at $3.36.

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