Megaport adds 78 resellers to boost indirect sales revenue

Megaport has signed 78 new reseller partners to its PartnerVantage program since launching the program last year, the network-as-a-service provider revealed in its 2022 financial year results.

Megaport launched its PartnerVantage program in August 2021. The program aims to drive revenue and business growth via channel sales, enabling partners to sell and provision Megaport services.

Megaport's channel roster includes such distributors as TD Synnex and Arrow Electronics, systems integrators NTT Ltd and Canon Business Services, and local MSP Melbourne-based Otto. It also has partnerships with such vendors as Cisco and data centre companies such as Pulse Data Centre.

Partners contributed to a 49 percent year-over-year increase in Megaport's indirect sales channel revenue, from $25 million in FY2021 to $37.3 million.

Overall revenues were up 40 percent for FY22 to $109.7 million, from $78.3 million in FY2021. Megaport cited increased customer growth and service uptake across all its regions. Monthly recurring revenue (MRR) was up 43 percent to $10.7 million.

Megaport recorded a $48.5 million net loss, compared to $55 million the previous year.

The number of customers also increased 16 percent from 2,285 to 2,643, while the number of services increased 26 percent from 21,712 to 27,383. Total number of ports also increased 24 percent from 7,689 to 9,545, while the total number of Megaport Cloud Routers (MCRs) grew 46 percent from 5012 to 731.

“As a global technology company, we have grown our platform to service 145 cities across 25 countries around the world. We have seen our customers growing along with us,” Megaport chief executive Vincent English said.

“Average revenue per customer grew 24 percent in fiscal year 2022. Companies of all sizes are taking advantage of Megaport’s ability to connect to services and locations all over the world — powering multi-region IT architectures at cloud-speed and with cloud-ease. Increasingly, we are providing global solutions to global enterprises as reflected in the makeup of our customers.

“The team is highly aligned to grow our business through geographic expansion to key new markets, ongoing product innovation, and operational efficiencies. This will drive profitability, sustainability, and ultimately value to our shareholders, partners, and customers. We remain highly-customer focused and will accelerate our leadership position in the Network as a Service space.”