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Bespin Global to pick investors in new funding next month Five or Six potential investors have been conducting due diligence for weeks

Translated by Ryu Ho-joung 공개 2021-11-23 08:16:02

이 기사는 2021년 11월 23일 08:05 더벨 유료페이지에 표출된 기사입니다.

Bespin Global is expected to pick investors in the new funding round next month, with several financial investors having expressed interest in the South Korean cloud managed service provider (MSP).

Five or six financial investors have been conducting due diligence over the last few weeks. The cloud management company, whose holding company is Hong Kong-based Newberry Global, plans to raise about 100 billion won ($84 million) in the new Series D funding.

Strong interest in participating in the company’s funding round highlights the rising importance of cloud management. Increasing demand for cloud services has been driven by digital transformation in both private and public sectors, which has been accelerated by the Covid-19 pandemic.

Bespin Global offers cloud managed service globally through its proprietary platform, OpsNow. Its partners include global names such as Amazon Web Services, Microsoft Azure and Google Cloud Platform, as well as South Korean tech and telecom giants like Naver, Kakao and KT Corp.

Bespin Global’s strong overseas network is one of the factors that appeal to potential investors. More than 20% of its customer base is companies in overseas markets including Southeast Asia and the Middle East.

In August this year, Bespin Global partnered with Tokyo-based Serverworks to establish a joint venture, G-gen, that develops the cloud integration business of Google Cloud. It is also looking to enter the US market, which is expected to help boost the company’s overseas revenue.

The new funding round is expected to value Bespin Global at about 800 billion won, slightly higher than the valuation it reached in the previous Series C where the South Korean telco giant SK Telecom participated alongside existing investors. Bespin Global has raised roughly 217 billion won so far, including Series A and Series B rounds.

“With many MSPs with established market shares, further expansion in the domestic market seems limited,” an industry insider said. “Expansion into overseas markets would offer greater upside for revenue growth.”

Bespin Global plans to raise additional capital with an aim to reach a 1 trillion won valuation. BDA Partners is advising Bespin Global on the Series D round. (Reporting by Seon-young Kim)
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