DENVER, Sept. 05, 2023 (GLOBE NEWSWIRE) -- Pax8, the leading cloud commerce marketplace, today announced that HSBC Innovation Banking will be the company’s primary banking partner. The newly established relationship provides Pax8 with a $50 million line of credit, bolstering the company’s already substantial liquidity position and furthering its growth ambitions. The company notes that they do not anticipate utilizing this line of credit immediately given its strong cash position.
“As we navigate the international landscape, our relationship with HSBC goes beyond just a financing partner; it's a testament to our ambition to expand our global footprint, having already proven our model's success across several continents. HSBC's global reach, commitment to innovation, and fortress balance sheet further bolster our market position,” stated Puneet Pamnani, Chief Financial Officer at Pax8. “By consolidating our global banking operations with HSBC, we not only benefit from their outstanding credit reputation but also reinforce our operational position as we explore new markets.”
In the last ten years, Pax8 has become the centerpiece of a massive cloud software ecosystem that will continue to grow exponentially. Through its community of 30,000 partners, the company provides advanced cloud solutions to 300,000 customers and ten million end-users worldwide. As the company prepares to launch the next generation of its cloud marketplace, offering partners advanced capabilities and data-driven analytics, it is perfectly positioned to dominate the global cloud market.
“Pax8 aligns perfectly with our vision for fostering innovation on a global scale,” said Jack Mai, Vice President of Venture Debt at HSBC Innovation Banking. “Pax8's innovative solutions, combined with their strong financial position, make it a standout in the cloud space. As a considerable number of businesses are still navigating their transition to the cloud, we're fully committed to bolstering Pax8's mission in spearheading this global digital transformation.”
To learn more about Pax8, please visit www.pax8.com.
About Pax8
Pax8 is the world’s favorite cloud marketplace for IT professionals to buy, sell, and manage best-in-class technology solutions. Pioneering the future of modern business, Pax8 has cloud-enabled more than 300,000 enterprises through its channel partners and processes one million monthly transactions. Pax8’s award-winning technology enables managed service providers (MSPs) to accelerate growth, increase efficiency, and reduce risk so their businesses can thrive. The innovative company has ranked in the Inc. 5000 for sixth time in a row. Join the revolution at pax8.com.
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About HSBC
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 62 countries and territories. With assets of US$3,041bn at 30 June 2023, HSBC is one of the world’s largest banking and financial services organizations.
HSBC Bank USA, National Association (HSBC Bank USA, N.A.) serves customers through Wealth and Personal Banking, Commercial Banking, Private Banking, Global Banking, and Markets and Securities Services. Deposit products are offered by HSBC Bank USA, N.A., Member FDIC. It operates Wealth Centers in: California; Washington, D.C.; Florida; New Jersey; New York; Virginia; and Washington. HSBC Bank USA, N.A. is the principal subsidiary of HSBC USA Inc., a wholly-owned subsidiary of HSBC North America Holdings Inc.
For more information, visit: HSBC in the USA - About HSBC | HSBC USA
Pax8 Media contact:
Melissa Gallegos, Communications Director
mgallegos@pax8.com
Matt Kozar
Vice President of External Communications, U.S.
matt.kozar@us.hsbc.com
