Memset Revenue Growth Surges
Memset is a young entrepreneurial company in the fiercely competitive cloud computing and managed hosting business. The company is sitting at the helm of one of the most powerful and disruptive technology changes over the past 100 years - the shift from premise-based to cloud-based IT infrastructure.
Founded in 2002 with just £3K, Memset now boasts a revenue run rate of more than £4 million and annual growth topping 30%.
Cloud-based service revenue grew by 15% over the previous period, up from 11% growth in the comparable period of 2011, and the number of live virtualised cloud servers rose by 32% in the last 12 months.
If present conditions persist, Memset is expected to break the £7m per annum somewhere around the third quarter of 2014.
The company is poised for significant growth because:
- IT infrastructure is shifting from on-premise to cloud-based as it offers superior quality for a lower cost. The managed hosting/cloud computing industry is expected to grow 20% annually for the next few years.
- Memset will take an increasing market share due to superior customer service and being an open cloud provider, using an open source framework for delivering cloud computing technology.
- As a certified G-Cloud supplier, revenue from the CloudStore is expected to contribute a significant, growing element of Memset’s revenue over the next few years.
- This performance is underpinned by only 1% annual churn, further demonstrating the "sweet spot" in which the company finds itself; with increased spend by existing clients supplementing new business.