Blue.cloud earns high recognitions, moves toward IPO

Tampa-based Blue.cloud is climbing the charts due to its rapid growth, and now ranks in the top 10% on the Inc. 5000 list that spotlights the fastest growing privately held companies in America.

The Inc. ranking for Blue.cloud, which specializes in the cloud for big data, is based on the percentage revenue growth from 2018 to 2021. Ranking No. 533 on the list, Blue.cloud is the 46th fastest-growing company in the business products and services sector and the 54th fastest-growing company headquartered in Florida, based on multi-year growth.

“Making the Inc. 5000 list is a significant milestone for our company and solidifies us among some of the most ambitious entrepreneurs in the country,” Blue.cloud CFO Brian Alvarez said in a statement. “Despite an economically challenging couple of years, Blue.cloud’s investments and strategic partnerships have built a strong foundation and we’re confident in continuing our trajectory of accelerated growth beyond 2022.”

In addition to the Inc. ranking, Blue.cloud was also ranked No.9 on Tampa Bay Business Journal‘s Fast 50 list and No. 4 on CRN‘s Fast 150 list. 

The high rankings come as the company recently reported it had a $100 million valuation. 

“The reason why we created this company is that we understood at an enterprise level when companies move to the cloud, there will be a huge need for implementation,” said co-founder and CEO Kerem Koca, who moved from Canada to Tampa in 2004 and helped transition the company from Bluenet to Blue.cloud. “We also knew the current implementation partners, although great, didn’t have the capability of extending their abilities to satisfy that need. In this case, you’d think other companies like us would fill that void, but it’s not that easy.” 

Blue.cloud solely works with enterprise companies, including Fortune 500 clients. In 2021, Blue.cloud tripled its global headcount and partnered with leading next-generation software companies such as ThoughtSpot, Snowflake and Starburst.

The company experienced a big boost in clientele during the height of the pandemic, as it accelerated the need for enterprises to further immerse their data into the cloud while those who weren’t already utilizing it were falling behind and made significant investments to catch up to the other companies. 

“If enterprises don’t have the right partner, they may not be able to implement the cloud in the right way,” Koca said. “The outcome may be subtle without that partner.” 

As Blue.cloud’s portfolio of clients expands, it will be adding new members to its team. Blue.cloud has roughly 400 employees and plans to hire hundreds more, reaching past 1,000 globally. 

While the employees would be hired from across multiple countries, Koca said the Tampa HQ will remain. 

“I think Tampa becomes a key part of the recruitment package,” Koca said, explaining how Alvarez joined the team last year and the company also hired a new COO, Koray Ozcubukcu, who previously worked for the giant consultant firm Slalom. 

Koca recalled moving to Tampa in the early 2000s and being questioned about the move. He has personally watched the domino effect of one company moving here and others following suit, establishing a hotbed of talent. 

“When we ask customers to meet us in Tampa, how could they say no?” Koca said. 

On the path of gaining new clients and revenue increases, Blue.cloud said it has several viable options to continue its momentum, including an IPO (Initial Public Offering).

“The IPO is our current focus over the next few years. It’s one of several options for the company,” Alvarez said. The other options on the table include remaining under private ownership with the same private equity investor long term, rolling into another larger private equity investment firm that’s focused on larger companies, or Blue.cloud can enter into a strategic sale of the entire company to a global system integrator (GSI).