MegazoneCloud Selects JP Morgan Securities, Samsung Securities and Korea Investment & Securities as Lead Underwriters, Initiates Full-Scale IPO Preparations

SEOUL, South Korea, July 9, 2024 /PRNewswire/ — Asia’s largest cloud management company, MegazoneCloud (CEO Max Lee), has selected JP Morgan Securities, Samsung Securities, and Korea Investment & Securities as lead underwriters, marking the beginning of its full-scale IPO preparations.

MegazoneCloud announced that it has chosen a total of six underwriters, including three global and three domestic firms. In addition to the lead underwriters, BofA Securities, Citigroup Global Markets Korea Securities Ltd., and KB Securities Co. have also been appointed. The underwriters expect the company’s valuation to reach up to 7 billion USD following the IPO.

MegazoneCloud is the biggest MSP partner for Amazon Web Services in Asia and the leading partner for Google Cloud and Microsoft Azure in South Korea. MegazoneCloud currently provides cloud, data analysis, GenAI services to over 7,000 clients and offers integrated services through partnerships with over 100 major solution providers.

MegazoneCloud has recorded continuous growth, achieving sales exceeding 1 billion USD for the past two consecutive years, and posted a net profit in the first quarter of this year. Established in 2018 through a physical division from its parent company, Megazone, MegazoneCloud was valued at 1.74 billion USD in 2022, four years after its founding. It secured a Series C investment of 326 million USD from MBK Partners and IMM PE.

In 2023, MegazoneCloud’s sales grew by 12.7% compared to the previous year, while the prior year’s growth rate was 68.4%. MegazoneCloud, holding cash assets worth over 360 million USD, is actively exploring business expansion opportunities through large-scale M&A based on its stable cash flow.

In addition to its domestic operations, MegazoneCloud has been expanding its international business through eight overseas subsidiaries in the United States, Japan, Canada, Australia, Shanghai and Beijing in China, Vietnam, Hong Kong, and Singapore. Its overseas MSP business achieved a 44% increase in sales year-over-year, approximately 50 million USD.

About MegazoneCloud 

MegazoneCloud and Megazone affiliates, with a team of around 2,800 cloud experts, have become the first unicorn in the Korean cloud MSP industry, achieving a revenue close to USD 1.1 billion in 2023. MegazoneCloud extends its operations beyond the Korean market, overseeing local entities in eight countries, including the United States, Japan, Canada, Australia, China (Shanghai and Beijing), Vietnam, Hong Kong, and Singapore. To learn more, visit: www.megazone.com/us/.

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SOURCE MegazoneCloud