In 2022, Pax8 made a number of acquisitions after attracting $185 million in new equity capital from new investor SoftBank Vision Fund 2 last April, increasing the company's valuation to $1.7 billion at the time. SoftBank Vision Fund 2 led the funding series with additional contributions from existing investors Catalyst Investors, Sageview Capital, Blue Cloud Ventures, and Liberty Global Ventures.
The M&A activity continues in 2023; today, Pax8 announced it had acquired Bam Boom Cloud, an award-winning Microsoft Dynamics 365 Business Central services organization. The acquisition creates a new market opportunity for managed service providers (MSPs) to easily add new lines of business service offerings leveraging Bam Boom's Microsoft Dynamics expertise.
"We are excited for Bam Boom to join Pax8 to scale our technology solutions to the channel ecosystem," said Vicky Critchley, CEO at Bam Boom. "Bam Boom is passionate about helping businesses be as sustainable as possible and build a strong foundation with reliable, cloud-based accounting solutions with Microsoft Dynamics 365 Business Central. Pax8 will enable us to expand our reach and help more businesses grow with Microsoft business solutions."
Pax8 has cloud-enabled over 400,000 enterprises through its 25,000 channel partners using the Pax8 Marketplace. Pax8 has ranked on the Inc. 5000 for five years in a row. In August, Pax8 acquired New Zealand cloud company Umbrellar. In May, Pax8 acquired Sea-Level Operations APAC, a leading education firm, after acquiring US-based Sea-Level Operations in 2021. In January 2022, Pax8 acquired TVG, a cloud services company in northeastern Europe.
"Business process automation is on the rise, and the Bam Boom acquisition will enable us to create new simple go-to-market strategies and services for partners to build on their Microsoft Dynamics technology offerings," said John Street, Chief Executive Officer at Pax8. "Together, our people, cloud marketplace, programs, services, and resources will enable MSPs to capitalize on the market opportunities with Business Applications solutions and add new revenue streams to their organizations."
According to Forrester, Microsoft's business applications services will hit $10.3 billion in 2025. The applications will continue to see significant growth supported by the fast-growing services ecosystem.
Bam Boom has more than 135 employees across the United States, United Kingdom, Germany, India, and Canada, with expansive knowledge and expertise in cloud solutions. Bam Boom offers affordable, fixed monthly pricing and fixed-scope technology solutions designed for small and medium-sized businesses (SMBs). The company is the Global 2022 Microsoft Partner of the Year, Dynamics 365 Business Central.
Edited by Erik Linask