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Tampa tech firm Blue.cloud hits $100M valuation after private investment

The company hopes to explore going public within the next year.
Blue.cloud, which helps businesses transition their digital operations to the cloud, announced the investment from New York’s Hudson Hill Capital on Tuesday.
Blue.cloud, which helps businesses transition their digital operations to the cloud, announced the investment from New York’s Hudson Hill Capital on Tuesday. [ Photo illustration by ASHLEY DYE and MARTHA ASENCIO RHINE | Times ]
Published Mar. 2|Updated Mar. 2

A Tampa cloud services company has secured a private equity investment that gives it a valuation of $100 million — and pushes it one step closer to going public.

Blue.cloud, which helps businesses transition their digital operations to the cloud, announced the investment from New York’s Hudson Hill Capital on Tuesday. Chief financial officer Brian Alvarez described the investment as a “high eight-figure number” that, based on the the take Hudson Hill bought, would value the entire company at $100 million.

It’s described as a majority investment, rather than an outright sale. Blue.cloud will retain its management and operational structure, Alvarez said. Hudson Hill will place three seats on the company’s board, alongside Blue.cloud’s three founders and an independent seventh member.

Co-founder and co-CEO Kerem Koca said Blue.cloud didn’t necessarily need the investment. It had a run rate, or anticipated revenues, of $39 million during 2021, and $100 million or more in the coming year.

But the partnership with Hudson Hill, he said, will help as the company plots an initial public offering — which it could explore launching as soon as it hits that $100 million run rate.

“We have been profitable every day, every month, every quarter, every year,” Koca said. “A strong partner that would take us to IPO was the main reason we worked with them. They have been already helping with that.”

Related: Tampa-based Vu Technologies secures $17M seed investment

Blue.cloud formed at the start of last year as an evolution of Bluenet, a technology services company founded in 2004. The company has about 10 employees working remotely in Tampa, with at least 300 more in India, Turkey and a handful of U.S. offices. Among its top clients: HSBC Bank USA, FedEx, Charles Schwab and Western Union.

“The need for implementation specialists is expanding rapidly,” Koca said. “As long as we can execute, there is almost unlimited business.”

The Hudson Hill investment will help the company expand its AI capabilities, add management and perhaps make an acquisition or two. But it also boosts Blue.cloud’s visibility and reputation as it eyes a future public offering.

“It’s good validation to the stability, future and success of the company,” Alvarez said.

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