MegazoneCloud Attracts USD 45M from the Leading Financial Institutions Including Korean National Pension Service
 
Mar 12, 2019
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ASIA’s largest Cloud MSP, MegazoneCloud accelerates growth in the exploding cloud market and prepares to continue the success beyond Korea

SEOUL, South Korea--(BUSINESS WIRE)--MegazoneCloud, the leading cloud solutions and managed service provider in Korea, attracted USD 45M from the leading financial institutions including Korean National Pension Service, Korea Development Bank, Korea Investment Holdings, KB Financial Group, and Nau IB Capital’s growth capital fund. The investment is the largest volume of Series A funding at the highest valuation in Korean cloud industry with the Series B funding expected in the second half of 2019.

The decision by the large financial firms is based on MegazoneCloud’s consistent growth over the last 7 years. Since its entry into the cloud market upon the first Korean business partnership with Amazon Web Services in 2012, its sales volume has increased by 80 times, reaching USD 200 million with more than 1,000 customer companies in 2018. Between 2017 and 2018, its business grew by more than 225% YoY, which could drive its annual revenue to USD 300M in 2019 and USD 1B within the next three years.

MegazoneCloud is also quickly expanding its capabilities via strategic partnerships at home and abroad. Its recent strategic alliance (MOU) with LG CNS, the LG group affiliated IT subsidiary – and the solution partnership with more than 60 global ISVs are driven under the "Megazone Alliance" strategy which places the ‘partnership’ as its key to growth via right time-to-market.

Korea’s Financial Services Commission has recently revised the regulations on supervision of the electronic financial businesses, which enables the broader range of public cloud application to personal credit and unique identification from January 2019. The market has quickly responded and the financial firms are experimenting clouds in more mission critical use cases while the large conglomerates such as Korean Air has decided to go “all-in” on Cloud.

MegazoneCloud CEO Max Lee said, "Based on our accumulated technology experience and the 7+ years of cloud business experience combined with the strong partnership-driven culture, we will accelerate our entry into Asia and Japan where the fastest growth in Cloud market is expected over the next 5 years. Our goal is to become the global Top 3 cloud managed service provider within the next three years."

MegazoneCloud continues to evolve its capabilities in the next wave of cloud-driven business services including Artificial Intelligence, Machine Learning, and Next Generation Security which can generate synergy through its strong foundation of the cloud mature customers.

About MegazoneCloud

MegazoneCloud is a cloud-specialized IT company located in Seoul, South Korea, targeting to become a ‘Cloud Innovator’ with approximately 650 employees focused on 'cloud' as the next-gen business. Since its foundation in 1998, MegazoneCloud has been delivering unmatched business experiences and know-hows in the IDC and hosting business. Leveraging this experience, MegazoneCloud signed a partnership with Amazon Web Services (AWS) for the 1st time in Korea and has contributed to the growth of the local cloud market ever since. In 2015, MegazoneCloud became the 1st Premier Consulting Partner of AWS in Korea. MegazoneCloud is currently offering ‘Cloud One-Stop’ service across the full life cycle based on the holistic methodology, including cloud adoption, implementation, deployment, operation, security/back-up, 24/7 support, managed services and optimization, to more than 1,200 customers e.g. LG Electronics, Nexon, Gamevil, SK, SM Entertainment, Doosan Group and many more.

For more information about MegazoneCloud, visit http://www.megazone.com.

Regional Headquarters

U.S.A
Address: 3031 Tisch Way 110 Plaza West, San Jose, California 95128

Korea
Address: 85Gil 46 Nonhyun-ro, Gala B/D, Gangnam-gu, Seoul

Vietnam
Address: Lotte Center East Tower #2708, Hanoi 54 Lieu Giai, Cong Vi Ward, Ba Dinh District

Japan
Address: 107-0062 Tokyo-to Minato-Ku Minamiaoyama 3 Chome-2-3

Contacts
MegazoneCloud Corporation
Junyoung Kim, +82-2-2108-9212
Strategic Planning Dept.
jkim@megazone.com

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