BitTitan Inc. partners can expect aggressive enhancements to the MSPComplete platform.
After closing a $15 million round of series A financing this week, the cloud service enablement provider plans to grow its technology platform and international sales team.
BitTitan, which hasn't raised capital since its founding in 2007, decided it was the right time for the venture capital financing, said Rocco Seyboth, vice president of product and marketing at the company, based in Kirkland, Wash. "One of the big reasons is simply the growth of the cloud. ... The vast majority of companies get their technology strategy -- and, ultimately, the adoption and implementation of new technology -- from a trusted adviser, from an outside managed service provider [MSP]," he said. "We think the reason that cloud hasn't been more adopted is because that network of partners has not transformed and adjusted their business to a cloud model ... [Channel partners are] the key to cloud adoption and digital transformation."
The MSPComplete platform aims to help with the channel's transformation to cloud. "We think these middlemen, these MSPs, need a lot of help to drive that cloud adoption, and we want to aggressively grow our MSPComplete platform," he said. BitTitan will use a portion of the funding to hire additional engineers and developers to provide more tools and automation to MSPComplete users.
Additionally, BitTitan will invest in expanding its sales team in the Latin America, Asia-Pacific and EMEA markets, which contributed to about 40% of the company's revenue in 2015. "We think we can explode our growth in [international] markets by adding a lot more sales and support staff," he said.
TVC Capital LLC, a growth-equity firm based in San Diego, led the round of financing.
IT channel news roundup for the week of June 6
Here's a look at the highlights:
- Tufin, which provides security policy orchestration products, has added several features to its Global Channel Partner Program. The additions include updated partner-designation tiers, increased partner margins with deal registration, a new partner portal and specialized certification training programs. Tufin said other program benefits include access to a dedicated channel manager, leads and opportunities, eligibility for joint marketing initiatives and incentives for promoting specific sales initiatives.
- Security vendor Armor Defense Inc. launched the Armor Global Partner Program for its Managed Security Services offerings. The partner program provides MSPs, resellers and technology partners with dedicated resources, market development funds, deal registration, online events and webinars, and technical and sales training. Additionally, partners can tap the vendor's Learning Library, marketing materials and sales resources via a partner portal.
- Adtran, a provider of open networking technology, introduced ProCloud Subscription Services, a managed services program to offer wired and wireless networking technologies on a monthly subscription. The subscription services offer a management portal with a single view into all connected devices across wired and wireless networks. MSPs can also use information on network health and data usage to tailor services with a pay-as-you-grow model.
- Object storage software vendor Caringo Inc. enhanced its partner program for value-added resellers, system integrators, OEMs and independent software vendors. The program now features two new dedicated team members to facilitate channel sales and marketing efforts.
- EiQ Networks Inc., a provider of hybrid software-as-a-service security services, said it has added nine new channel companies to its partner program thus far in 2016. The new partners include Baverianvine, HUB Technical Services, Techordia and VITECH. Baverianvine provides security offerings, data analytics and other services to companies in the United Kingdom. HUB Technical Services, a Massachusetts state-approved contractor for IT products and professional services, focuses on security offerings, managed services, support, and hardware and software products. Techordia, a California IT consulting and managed service provider, specializes in cybersecurity in the small and medium-sized business (SMB) space. VITECH, based in Hawaii, is a cybersecurity company that provides a turnkey Health Insurance Portability and Accountability Act compliance offering for covered entities and business associates.
- CrowdStrike unveiled an orchestration and automation initiative along with new APIs that aim to make it easier for channel partners to integrate their offerings with CrowdStrike's endpoint protection platform. The integration effort, according to the company, builds upon CrowdStrike's Elevate Partner Program, which launched earlier this year.
- Nuxeo disclosed a new round of financing and plans to boost the rollout of its content and digital asset management platform through the channel. Kennet Partners has committed $10 million in funding.
- Portland Europe will provide Egenera's Xterity wholesale managed cloud services to SMB customers in the Benelux region under a newly inked strategic partnership.
The Market Share is a weekly news roundup published on SearchITChannel every Friday.
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