THG Ingenuity invests £1.4m for minority stake in Civo
Civo, the pure-play cloud-native service provider, and THG plc (THG), a global technology platform that specialises in taking brands direct to consumers, together announced that THG Ingenuity, the technology Division of THG, has invested £1.4 million to take a minority stake in Civo.
The deal is THG Ingenuity’s first strategic investment since it announced in May 2021 that Softbank Group had invested $730 million in THG with an option for a further $1.6 billion investment in THG Ingenuity, THG’s cutting-edge proprietary technology platform.
As part of the investment, THG Ingenuity becomes Civo’s exclusive datacentre hosting & Enterprise sales partner, accelerating the global rollout of Civo regions to data centres and large development teams around the world.
Mark Boost, CEO & Co-founder at Civo, said: “We are delighted to announce THG’s investment which will bring Civo’s technology to more people around the world as we grow our capabilities.
“THG Ingenuity is the leading global platform for end-to-end digital commerce, and I’m proud that Civo technology will now strengthen its cutting-edge technology stack and help brands create frictionless digital experiences for their customers.
“For too long hyperscalers have oversold and underdelivered with shocking cloud bills. THG has already proven that there is a better way forward, delivering a global e-commerce solution that drives down cost. Core to this plan is infrastructure, and core to that infrastructure is Civo – a platform that is leading the way for a cloud native future.”
John Gallemore, CEO of THG Ingenuity said, “We built THG Ingenuity to remove the burden of multi-partner relationships and complex software and infrastructure. In turn, THG has sought best-of-breed partners that help us create the most seamless, effective, and scalable direct-to-consumer retail models in a single, digital platform.
“With Civo we have found the future of home-grown UK cloud native innovation. Civo is a fast and developer-friendly platform for accelerating our digital commerce roadmap. We are delighted to invest in Civo and to support the next phase of growth of this impressive technology success story.”