Pax8 has reported a huge spike in UK revenues as it reiterated claims that its MSP customers are evolving into managed intelligence providers (MIPs).
The ‘cloud commerce marketplace’ ruffled feathers in March when it took out a full-page New York Times advert blasting distribution rivals for “selling the past”.
Freshly filed UK accounts show calendar 2024 turnover hiking 58% to £131m.
Built partly on the 2021 and 2023 acquisitions of Wirehive and Bam Boom Cloud, Pax8’s Bristol-headquarter UK subsidiary employed an average of 204 staff during the year (up from 175 in 2023).
Some £123.1m of the top line was generated from the UK, with £7.2m drawn from Europe, the accounts indicate.
Gross profit bulged 71% to £19.5m, although operating losses hit £7.3m (down from a loss of £12.2m a year earlier).
MIP access
Founded in 2011, US-based Pax8 claimed in a separate statement that its global three-year revenue growth stands at 239%.
Globally, it now claims to serve more than 47,000 partners.
2025 saw the cloudy contender – which ranked 20th in IT Channel Oxygen’s recent Must-Know UK Distributors and Marketplaces countdown – add 20 new vendors to the Pax8 Marketplace and expand into Ireland, Switzerland and Denmark.
Picking up on a theme already explored here, Pax8 claimed 2025 “marked the rise of the MIP”. These are next-generation MSPs that have evolved to become “architects of agentic, AI-powered transformation”, according to its way of thinking.
“MIPs go beyond managing services. They orchestrate intelligence, deploy autonomous AI agents and deliver measurable business outcomes,” it stated.
