J.P. Morgan and Bank of America have committed to provide financing to bootstrapped cloud provider, Constant, to accelerate global growth.
Constant, the creator of the Vultr cloud computing and bare metal platform, announced the closing of a $150 million credit facility from J.P. Morgan and Bank of America, including a $25 million uncommitted expansion option to accommodate future growth. Constant will use the additional capital to expand its global footprint of automated cloud infrastructure to serve its rapidly-growing customer base, further solidifying its leadership position in the independent cloud provider market.
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“We are excited to be part of Constant’s growth and to support the company with this new credit facility,” said Melissa Smith, Head of Specialized Industries, Middle Marketing Banking at J.P. Morgan. “The independent cloud provider market is growing rapidly as developers around the world seek cost-effective alternatives to the large hyperscalers, representing a tremendous growth opportunity for Constant.”
A completely bootstrapped company, Constant has become one of the largest cloud computing platforms in the world, without ever raising equity financing. The business was founded by David Aninowsky, who now serves as Executive Chairman, and the Vultr platform was launched in 2014. Built by developers, for developers, Vultr addresses a fundamental need for easy-to-deploy, flexible, scalable cloud computing and bare metal worldwide.
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451 Research, an S&P Global advisory firm specializing in high-growth emerging technologies, defines the alternative or independent cloud provider market as delivering the core value proposition of cloud, but in a simpler, easier-to-use, and lower-cost way than the large hyperscalers. This makes the offerings of independent cloud providers highly appealing to tens of millions of developers, SMBs, and enterprises around the world.
“The cloud infrastructure market is inherently capital intensive, and reaching Constant’s size and growth rate without ever raising equity capital is unprecedented in this market – this highlights the strength of our technology platform and team,” said Constant’s CEO, J.J. Kardwell. “As a company, we operate independently, like our customers do. We put the needs of our developer customers first, and we have grown to be a leader in the market by delivering enterprise-grade cloud computing at a price and ease of use that is accessible for developers and businesses of all sizes around the world.”
More than 40 million cloud servers have been launched on the Vultr platform, across nearly every country in the world. This new credit facility will enable Constant to further expand Vultr globally to help more developers, small businesses, and large enterprises succeed with high-performance cloud compute, cloud storage, and bare metal.
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