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.

Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.

Business News Australia

Get our daily business news

Sign up to our free email news updates.

Please tick to verify that you are not a robot

 

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Naturally Good: Showcasing Australia’s natural and organic leaders
Partner Content
With just days to go until Naturally Good, Australia’s leading trade exhibition d...
Naturally Good
Advertisement

Related Stories

“It was an easy decision”: Good Drinks sells gaming licenses for $4.9m to fund QLD growth

“It was an easy decision”: Good Drinks sells gaming licenses for $4.9m to fund QLD growth

In a decision described as easy by Good Drinks Australia (ASX: GDA)...

Redflow locks in $18m battery contract with California Energy Commission

Redflow locks in $18m battery contract with California Energy Commission

Brisbane-based clean energy storage company Redflow (ASX: RFX) has ...

Wax off, bio-coatings on: Earthodic raises $1.85m to make paper packaging stronger, more recyclable

Wax off, bio-coatings on: Earthodic raises $1.85m to make paper packaging stronger, more recyclable

If existing wax or plastic-coated packaging products are compromisi...

GURNER, Qualitas build-to-rent platform secures 3,650+ apartments across Australia

GURNER, Qualitas build-to-rent platform secures 3,650+ apartments across Australia

A build-to-rent (BTR) management platform owned by luxury lifestyle...