The technology division of online retail giant THG has invested £1.4m to take a minority stake in a cloud native service provider.
THG Ingenuity has acquired the 9.4% holding in Civo in its first move since Japanese tech investment giant SoftBank invested $730m in the group in May with an option for a further $1.6bn investment in THG Ingenuity.
According to Greater Manchester-headquartered THG, Civo is currently the fastest managed Kubernetes provider in the world, with a fully usable cluster deploying in under 90 seconds.
READ MORE: THG to float beauty division next year as half-year sales near £1bn but losses widen
As part of the investment, THG Ingenuity becomes Civo’s exclusive datacentre hosting and enterprise sales partner, accelerating the global rollout of Civo regions to data centres and large development teams around the world.
Mark Boost, CEO and co-founder at Civo, said: "We are delighted to announce THG’s investment which will bring Civo’s technology to more people around the world as we grow our capabilities.
Don't miss a thing - sign up for your free North West newsletter - and follow us on LinkedIn
Email newsletters
BusinessLive is your home for business news from around the North West- and you can stay in touch with all the latest news from Greater Manchester, Liverpool City Region, Cheshire, Lancashire and Cumbria through our email alerts.
You can sign up to receive daily morning news bulletins from every region we cover and to weekly email bulletins covering key economic sectors from manufacturing to technology and enterprise. And we'll send out breaking news alerts for any stories we think you can't miss.
Visit our email preference centre to sign up to all the latest news from BusinessLive.
For all the latest stories, views, polls and more - and the news as it breaks - .
"THG Ingenuity is the leading global platform for end-to-end digital commerce, and I’m proud that Civo technology will now strengthen its cutting-edge technology stack and help brands create frictionless digital experiences for their customers.
"For too long hyperscalers have oversold and underdelivered with shocking cloud bills. THG has already proven that there is a better way forward, delivering a global e-commerce solution that drives down cost. Core to this plan is infrastructure, and core to that infrastructure is Civo – a platform that is leading the way for a cloud native future.”
Latest Greater Manchester Business News
John Gallemore, CEO of THG Ingenuity, added: "We built THG Ingenuity to remove the burden of multi-partner relationships and complex software and infrastructure. In turn, THG has sought best-of-breed partners that help us create the most seamless, effective, and scalable direct-to-consumer retail models in a single, digital platform.
"With Civo we have found the future of home-grown Ƶ cloud native innovation. Civo is a fast and developer-friendly platform for accelerating our digital commerce roadmap.
"We are delighted to invest in Civo and to support the next phase of growth of this impressive technology success story."
