This news comes on the heels of a $100M investment from Blackrock. Cloudinary plans to use the funding to explore M&A opportunities. Here are the top-line bullets you need to know.
Cloudinary, an image management solution provider, has raised $100M in a secondary investment from Blackstone.
HOW’S THE COMPANY PERFORMING?
- California-based Cloudinary enables users to upload, manipulate, optimize, and deliver images and video.
- The company’s annual recurring revenue reached $100M in December 2021.
- Cloudinary claims to have $60B in assets under management.
- The company has nearly 10K global customers, including Atlassian, Bombas, Grubhub, Hinge, NBC, and Peloton.
- It has offices in the US, the UK, and Israel.
WHY DOES THE MARKET MATTER?
- The global digital asset management market is expected to reach a value of $6B by 2025, growing at a CAGR of 12%, according to Markets and Markets.
- Companies are producing an increasing amount of digital assets in order to keep up with consumer demand, which has compelled them to turn to cloud-based solutions for the storage of those assets.
- The widespread shift to remote work amid the pandemic has driven up the demand for solutions that support the management of digital assets.