Expanded Financing Secured for TPM and IT Lifecycle Management Services by CloudCover
CloudCover, a leading provider of third-party maintenance (TPM) and IT lifecycle management solutions, has announced a significant growth investment from Argentum, a New York-based equity firm specialising in founder-led B2B software and tech-enabled services. This investment is set to propel CloudCover's expansion into global markets, strengthening its presence in North America and beyond.
Founded by Jeff Huggins, CloudCover is energised by the opportunity to lead the TPM and IT lifecycle management markets through technology innovation. Huggins will continue to lead the company as Chairman and CEO, ensuring continuity in vision and execution, and will remain the majority shareholder.
The investment will be instrumental in accelerating the development of CloudCover's cloud-based CoverIT™ platform, a purpose-built service operations solution designed to enable more efficient and scalable TPM delivery across the IT ecosystem. This platform is already utilised by major IT channel partners to provide flexible, cost-effective infrastructure support and field services worldwide.
CloudCover's "channel-first" strategy positions it to continue its rapid growth, offering its channel partners a frictionless entry into the lucrative TPM market. This strategy, coupled with the differentiated platform model and partner-first approach, has been crucial in driving growth.
The investment will also support the scaling of CloudCover's operations, enabling the company to expand its offerings while maintaining its culture and values. This expansion will provide opportunities for partners to participate in the TPM market under their own brand, improving TPM delivery efficiency across the IT ecosystem.
Argentum's partnership with CloudCover will further enable investment in its partner ecosystem, enhancing CloudCover's cloud-based platform, CoverIT, and contributing to its rapid growth. Daniel Raynor, a representative from Argentum, commented on CloudCover's strategy and position in the TPM market, praising its unique approach and potential for growth.
Robert Kenney, the Chief Revenue Officer at CloudCover, expressed his excitement about the partnership, stating that it will allow CloudCover to deliver an even higher standard of support to its partners. This investment is expected to further solidify CloudCover's position in the TPM and IT lifecycle management sectors.
[1] [Argentum Investment in CloudCover to Boost Global Presence and Technology Innovation](https://www.cloudcover.com/argentum-investment-boost-global-presence-technology-innovation/) [2] [CloudCover Secures Growth Investment from Argentum](https://www.prnewswire.com/news-releases/cloudcover-secures-growth-investment-from-argentum-301611084.html) [3] [CloudCover's Global Service Capabilities Offer Opportunities for Partners](https://www.cloudcover.com/global-service-capabilities-offer-opportunities-for-partners/) [4] [CloudCover's Technology Innovation to Lead TPM and IT Lifecycle Management Markets](https://www.cloudcover.com/technology-innovation-lead-tpm-it-lifecycle-management-markets/)
- Jeff Huggins, the founder of CloudCover, is excited about leveraging the investment from Argentum to lead the third-party maintenance (TPM) and IT lifecycle management markets through technological innovation.
- The partnership between CloudCover and Argentum will not only aid in accelerating the development of CloudCover's cloud-based CoverIT™ platform but also support investments in the technology-oriented partner ecosystem, enhancing the platform's capabilities and driving growth in the TPM market.
