Bespin Global seeks to raise $85 mil in new funding South Korea-based cloud MSP is sounding out potential investors

Translated by Ryu Ho-joung 공개 2021-10-21 08:06:54

이 기사는 2021년 10월 21일 08:04 더벨 유료페이지에 표출된 기사입니다.

Bespin Global, a South Korean cloud managed service provider (MSP), has begun sounding out potential investors to raise 100 billion won ($85 million) or more in a new funding round, according to industry sources.

BDA Partners, which is advising the company on the funding round, sent out a teaser earlier this month. It plans to receive proposals from potential investors by the end of this month, with due diligence expected to start in November.

Bespin Global is said to be seeking a valuation that is slightly higher than what it was valued in the previous Series C round, where it raised 90 billion won from SK Telecom China and existing investors. That brought the total raised by the company to date to 217 billion won.

Bespin Global is well-positioned to benefit from the fast-growing cloud market, with the Covid-19 pandemic accelerating the shift by companies to cloud-based services. The market is expected to surpass 5 trillion won by 2025.

Strong growth potential of cloud computing has increased the attractiveness of cloud MSPs. Singapore-based private equity firm Affirma Capital acquired a minority stake in Metanet Tplatform this summer. Megazone Cloud also raised 190 billion won from more than 30 investors in its recent Series B round.

Bespin Global has focused on global expansion in recent years. More than 20% of its customer base is companies in overseas markets including Japan, Southeast Asia and the Middle East. It is looking to enter the US market, which is expected to help boost the company’s overseas revenue.

“Bespin Global provides high quality and professional services, which are also price competitive,” an industry insider said. “This appeals to many overseas companies, helping speed up its expansion to overseas markets.”

Bespin Global is also expanding its customer base to include public institutions in an effort to diversify revenue sources. The company’s global partners include Amazon Web Services, Microsoft Azure and Google Cloud Platform. (Reporting by Seon-young Kim)
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