Pax8 led to double-digit spike by UK and Europe

New accounts for 2024 show growth of more than 50 per cent for the cloud marketplace

Pax8’s double-digit performance in the UK and Europe steered the company to new heights, according to its latest accounts.

2024 turnover (for the period ending December 31) soared 58 per cent from 2023, to bring in £131m.

While gross profit saw lightning growth of 70 per cent on the prior year to £19.5m.

Pax8’s operating profit, meanwhile, fell to £7.3m from £12.2m the year previously, affected by an increase in sales, marketing and general administrative expenses.

Broken down geographically, Pax8’s highest earners were the UK and Europe, the former earning £123.1m, while the latter region contributed £7.2m.

Future developments

As the channel begins the close out 2025, Pax8 reaffirmed its commitment to growing UK market share in the cloud commerce marketplace.

It vowed to keep focus on adding a wide selection of cloud services to its platform, supporting partners to achieve business growth, seeking to grow and support its AI offering to partners, and focusing on the cloud marketplace technology platform to allow partners to provision, bundle and bill cloud solutions for their clients.

Pax8’s MIP model, channel fate or fantasy?

To transform with the market, Pax8 shed its distributor moniker and now bills itself as a cloud commerce marketplace, which has helped lead the group to these displays of growth.

But the company wants partners to undergo a transformation of their own, Pax8 CEO Scott Chasin told CRN during the company’s Beyond EMEA event this year.

This shift is the move toward a managed intelligence provider (MIP) approach, and is designed to harness the transformation and opportunities brought by agentic AI.

While MSPs from the UK and Continental Europe showed strong enthusiasm for Pax8’s announcement, non-Pax8 partners are dubious.