Home Listed Tech Megaport continues on strong growth path

Megaport continues on strong growth path

Megaport CEO Vincent English Megaport CEO Vincent English Featured

Inter-connected services and data centre operator Megaport has reported increased revenue of $8.8 million for the six months to the end of December 2017, an increase of 98% from the same period in 2016.

The listed company (ASX:MP1) also reports total monthly recurring revenue for the month of December 2017 was $1.6 million, an increase of $0.69 million or 78% from the month of December 2016.

The company says the business generated a profit after direct network costs of $2.1 million for the half-year ended 31 December 2017, compared to a loss after direct network costs of $831,000 in the corresponding period in 2016.

Net loss for the half-year period ended December was $13.3 million and Vincent English, chief executive, Megaport, said the first half of fiscal year 2018 saw the company driving increased adoption of Megaport services “which grew significantly while we continued to expand our network footprint into markets underserved by cloud connectivity”.

“Revenue grew 98% through increased port adoption as well as increased utilisation of services. This, in turn, has had a positive impact, resulting in a $2.1 million profit after direct network costs in this reporting period.”

Last month Megaport launched its cloud router, a new product which the company says enables virtual routing services and addresses key challenges for cloud networking and the expansion of network-based services around the globe.

During the six months to end December, Megaport entered into several new strategic partnerships including two key cloud partnerships with IBM Cloud and Salesforce as well as new data centre partnerships with Cyxtera, vXchnge, HKT SkyExchange, QTS, Stream Data Centres, and Iron Mountain.

“The number of customers accessing multicloud connectivity on the Megaport SDN grew 107% in the first half of the fiscal year. This is a reflection of the continued growth of our service provider Ecosystem as more customers are taking advantage of key features and capabilities enabled by multiple IaaS, PaaS, and SaaS providers,”said English.

“Our recent partnership with IBM Cloud, for example, now empowers customers with direct connections to services optimised for AI, analytics, blockchain, Internet of Things, serverless, and more. Our Salesforce partnership brings the top CRM and leading Software as a Service company into the mix. We now have the top seven Cloud Service Providers on our platform which is connected to 102 cloud onramps around the world.”

English says the launch of Megaport cloud router opens up a number of new Layer 3 use cases on the Megaport SDN and he says that service providers can further extend the reach of their hosted service offerings rapidly without the need to procure physical infrastructure.

“Businesses born in the cloud that have virtualised their infrastructure can use MCR to directly connect Cloud Service Providers together to support service interoperability and boost their adoption of multicloud. Our recent data centre partnerships and our expansion into cities like Kansas City, Adelaide, and Wellington highlight our focus on enabling cloud connectivity in markets where enterprises are architecting their cloud strategies.”

English said that Megaport would continue to focus on capturing its “first-mover advantage” by expanding into enterprise-rich markets and locations.

“In doing so, we effectively extend the service reach of cloud on-ramps which greatly benefits both Cloud Service Providers and enterprises looking to adopt their services. We will further deepen our integration with the hyperscalers to maximise ease-of-use while bringing more Managed and Network Service Providers into our Ecosystem. In the second half of the year we will continue to work with our partners to accelerate service adoption and drive greater revenue.”

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Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

 

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