OVH has raised €400 million (approximately $457 million USD) in a funding round to support its strategic development and global expansion over the next five years, the company announced Thursday.
JPMorgan Chase Bank N.A. (Paris Branch), CIC Nord Ouest, and Banque Commerciale du Marché Nord Europe participated in the round. The funding is provided in the form of an RCF line of credit. JPMorgan Chase also led the funding of a $600 million line of credit for Dropbox in March.
“This new financing provides us with an increasingly robust banking pool, renewing its confidence in the group’s international strategy and positioning,” OVH group Chief Financial Officer Nicolas Boyer said in a statement. “In addition, the entry of US investment bank JP Morgan into this pool reflects our position as a global player in cloud computing. We will continue to implement our strategic plan through international deployment, consolidation of our position in the digital market, acceleration of our growth among enterprise customers and by reinforcement and structuring of our organization to take full advantage of market opportunities.”
OVH kicked off its global expansion after announcing a €1.5 billion development and investment plan, and subsequently raising €250 million in August 2016. That expansion has so far included opening new data centers in Australia, Singapore, and Poland, with two more under construction in Germany and the U.K. Two data centers will also soon be available in the U.S., where OVH launched in 2017 under the leadership of former Media Temple executive Russell P. Reeder.
The Group now has more than one million customers worldwide, and generated nearly €400 million in revenue in 2016/2017, according to the announcement.
OVH also completed its acquisition of VMware’s vCloud Air business in May.