CloudCover, a leading provider of third-party maintenance (TPM) and IT lifecycle management solutions powered by its cloud-based CoverIT™ platform, announced a growth investment from Argentum, a New York-based growth equity firm that partners with founder-led B2B software and technology-enabled services companies. The investment will support CloudCover’s continued expansion into global markets and accelerate the development of its platform, CoverIT™ a purpose-built service operations platform that enables more efficient and scalable TPM delivery across the IT ecosystem.
“CloudCover has reached a pivotal point in its growth journey,” said Jeff Huggins, founder and CEO of CloudCover. “The opportunity to lead the TPM and IT lifecycle management markets through technology innovation is massive and accelerating. Argentum is the right partner to help us scale, without compromising the culture, vision, or execution that got us here. We’re incredibly proud of the team we’ve built and energized by the road ahead,” Mr. Huggins will continue to lead the Company as Chairman and CEO and remain the majority shareholder after the investment.
CloudCover’s platform and services are used by major IT channel partners to deliver flexible, cost-effective infrastructure support and field services around the globe. The company’s differentiated platform model and partner-first approach have fueled rapid growth in both North America and international markets.
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“We’ve earned the trust of some of the biggest names in the channel by delivering reliability, responsiveness, and the flexibility they need to win,” said Robert Kenney, Chief Revenue Officer at CloudCover. “This partnership with Argentum allows us to invest further in our partner ecosystem, continue our international expansion, and deliver an even higher standard of support.”
“CloudCover’s purpose-built platform coupled with its global service capabilities offers its channel partners the opportunity to participate in the lucrative TPM market in a frictionless way with limited investment and under their own brand. We believe this “channel-first” strategy represents a highly differentiated approach to the TPM market that positions CloudCover to continue its rapid growth, said Daniel Raynor, Managing Partner at Argentum. “We’re excited to support CloudCover’s experienced leadership team during the Company’s next phase of growth and innovation.”
CloudCover joins a portfolio of founder-led companies backed by Argentum that are transforming their industries through innovation, customer focus, and operational excellence.
Source: PRNewswire
