Cloud computing biz, Memset, enjoys revenue growth

Channel News

Company claims it’s on Cloud Nine

Cloud computing and managed hosting business, Memset, has grown its revenue run rate by more than £4 million since it began, it boasted today in a statement.

According to Memset, established in 2002 with £3000, has a revenue run rate of over £4 million and annual growth topping 30 percent.

Cloud-based service revenue grew by 15 percent over the previous period, up from 11 percent growth in the comparable period of 2011, and the number of live virtualised cloud servers rose by 32 percent in the last 12 months.

The company said that if these present conditions and figures continued, it expected to break the £7 million per annum somewhere around the third quarter of 2014.

The company claimed it was poised for significant growth because  IT infrastructure was shifting from on-premise to cloud-based as it offered quality for a lower cost.

It predicted that the managed hosting and cloud computing industry would grow 20 percent annually for the next few years, adding that it would take an increasing market share due to “superior customer service” and being an open cloud provider, using an open source framework for delivering the  cloud.

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