Cloudways, a web-hosting service provider started by a Pakistani, has been acquired by a US-based firm. The deal is likely to give confidence and visibility to Pakistani tech entrepreneurs.
A multimillion dollar acquisition of a cloud-based hosting provider founded by a Pakistani has sent a wave of jubilation among entrepreneurs in the South Asian country where the start-up ecosystem has faced multiple setbacks in recent weeks.
Cloudways, which is registered in Malta but carries out backend development in Pakistan, has been acquired by the US-based DigitalOcean Holdings for $350 million, the companies announced.
It is one of the largest acquisitions of a Pakistani tech service company. Cloudways is part of the Karachi-based Gaditek Group, Rafay Gadit, a director in the parent organisation, tells TRT World.
“Like everyone we are excited but can’t comment on the deal or the company at the moment.”
Since its founding in 2012, Cloudways has built a loyal base of more than 75,000 customers — many of them small-time business enterprises — by offering them easy-to-use online tools for cloud servers.
The company takes particular pride in its fast and reliable customer service.
Tech executives in Pakistan hailed the acquisition as an encouragement for digital newcomers, especially after the July bankruptcy of Airlift, seen by many as a poster child of Pakistani start-ups.
Massive news for the #Pakistan startup ecosystem: DigitalOcean will acquire Pakistan-founded/based company...
Read Full Story: https://www.trtworld.com/magazine/will-a-350m-deal-boost-pakistan-s-start-up-ecosystem-60097
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.