Korean cloud service provider bags $60m from Emirates Telecoms unit

Korean cloud services provider Bespin Global has raised US$60 million in a series D round from e& Enterprise, a digital transformation firm that’s part of the Emirates Telecoms Group.

Photo credit: Bespin Global

Additionally, e& Enterprise has an option to invest another US$60 million in the firm within 18 months of the deal’s completion. The companies will also form a joint venture to offer public cloud-managed professional services to customers in the Middle East, Turkey, Africa, and Pakistan.

Bespin Global is a cloud migration service provider to over 1,700 enterprises in Korea and overseas, including China, Singapore, the United Arab Emirates, and the US. It offers a cloud marketplace, cloud consulting services, and a cloud management platform, among others.

The company has built partnerships with Amazon Web Services, Google Cloud, and Microsoft Azur.

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Meanwhile, e& Enterprise, formerly known as Etisalat, offers cybersecurity, cloud, internet of things, and AI solutions for governments, large-scale enterprises, and corporations. It has provided services to 162 million subscribers in 16 countries across the Middle East, Africa, and Asia with a revenue of US$14.5 billion in 2021.

“We see many more opportunities developing in the high-growth cloud sector in Asia,” said Jeff Acton, head of tech at BDA (the financial advisor to Bespin Global for the round).