It was WWDC yesterday; it’s Pax8 Beyond today.
Pax8 President and Chief Commerce Officer Nick Heddy highlighted the company’s milestones and future plans at the Pax8 Beyond conference. The Pax8 Marketplace supports millions of SMBs worldwide and is undergoing updates to become a data-driven intelligence platform. The company recently surpassed $2 billion in annual recurring revenue and is focused on leveraging AI to help partners tap into the projected $15.7 trillion global economy by 2030.
Pax8 has launched updates to its platform, allowing managed service providers (MSPs) to create their own storefronts and utilize AI to identify sales opportunities. The platform includes features such as Opportunity Explorer, which helps MSPs tailor recommendations using AI, and Storefronts, which provides a self-serve option for customers. The Pax8 Marketplace also offers smart search, advanced sorting, multi-cart capability, a quote-to-contract process, and a solutions library. The platform will be available to partners in North America, EMEA, and APAC starting from June 17.
Pax8 has launched its first security program, based on the CIS Control Framework, offering tools to enhance MSPs’ operations and educational resources to understand and sell Pax8 products. The program, developed in partnership with companies like Microsoft, SentinelOne, and CrowdStrike, will provide virtual educational sessions, vendor-specific training, and Pax8-assisted sales calls. The Pax8 Security Program is currently available in North America and will expand to APAC and EMEA later in the year.
And they released some data, too. Pax8’s 2024 Artificial Intelligence Buying Trends Report reveals that 88% of SMBs have implemented at least one AI system but face challenges such as insufficient infrastructure, data hygiene, and security. SMBs recognize the importance of AI adoption for their competitiveness and plan to purchase more AI systems in the next 12-24 months.
Why do we care?
Pax8 has identified the opportunity I spoke about two years ago – providers must embrace the e-commerce delivery of solutions. It’s strategically the correct direction for providers. I also want to observe that if you build your platform on someone else’s land, they control your destiny. I can speak from experience here as someone who operates a digital media company on other platforms – you are subject to their whims. For MSPs and IT services companies, I would be looking at building your e-commerce platform on your intellectual property, not someone else’s. Yes, you want to be in their marketplace. No, you don’t want to build your storefront on their land. There’s a difference.