Fortress Investment Group has provided a $50 million credit facility to DigitalOcean, a cloud provider for developers.
DigitalOcean, the young cloud provider built for developers, today announced that it has secured a $50 million credit facility from funds managed by leading global investment firm Fortress Investment Group LLC. This announcement comes on the heels of Netcraft’s report detailing DigitalOcean’s meteoric rise to the third largest hosting company in the world.
“This financing illustrates Fortress’s continuing interest in the data center and cloud services industries. In our view, DigitalOcean is well positioned to succeed in the expanding cloud infrastructure sector,” said Aaron Blanchette, Managing Director at Fortress Investment Group LLC. “We look forward to playing a part in DigitalOcean’s organic expansion as they bring their cloud offerings to more international users.”
This October was the company’s biggest month yet in terms of customer acquisition, with more than 26,000 new active users – a 57 percent increase from October 2013. “Each month this year we’ve seen an average of 20,000 new users deploying servers on our platform,” said Karl Alomar, COO of DigitalOcean. “A large line of credit makes sure we’re able to lease more equipment at more favorable rates and scale globally to keep up with international demand.”
This is exciting news for international customers who are not located near one of DigitalOcean’s current five locations (New York, San Francisco, Singapore, London and Amsterdam). It’s also promising for developers anxious to see the company continue to expand its feature set, as some of the capital will be invested in hiring top engineering talent.
“We plan to triple our employee count before the end of next year,” said Ben Uretsky, CEO of DigitalOcean. “With more engineering talent comes quicker feature releases. We are taking steps every day to become a more complete cloud solution, and we need the best engineering talent in the world to help get us there.”
About Fortress Investment Group
Fortress Investment Group LLC is a leading, highly diversified global investment management firm with approximately $66.0 billion in assets under management as of September 30, 2014. Founded in 1998, Fortress manages assets on behalf of institutional clients and private investors worldwide across a range of private equity, credit, liquid hedge funds and traditional asset management strategies. Fortress is publicly traded on the New York Stock Exchange (NYSE:FIG). Visit www.fortress.com.
DigitalOcean, Inc. (http://www.digitalocean.com / @digitalocean) offers simple SSD based cloud hosting. Headquartered in New York City, DigitalOcean has spun up more than 2 million cloud servers since its inception.
Users can create a cloud server in 55 seconds, and pricing plans start at only $5 per month for 512MB of RAM, 20GB SSD, 1 CPU and 1TB Transfer. Featuring a 99.99 percent Uptime SLA, DigitalOcean has servers located in New York, San Francisco, Amsterdam, Singapore and London. The interface has a simple, intuitive control panel, which power users can replicate on a larger scale with the company’s straightforward API.
DigitalOcean uses KVM virtualization and additionally hosts a library of helpful walkthroughs and tutorials that cover server configuration and optimization. For more information, please visit http://www.digitalocean.com or email press(at)digitalocean(dot)com.