Channel markets

Pax8 Boss Street Steps Aside, Chasin Named CEO

(Adobe Stock Images)

Pax8 has named Scott Chasin as CEO, effective immediately, replacing founder John Street in the role, the company announced. Chasin has served as the CTO since 2021.  Street will remain as chairman of the board of directors.

Before joining Pax8, Chasin led a few different companies as CTO that were then acquired by larger companies including Dreamstage, ProtectWise. He also served in leadership roles at McAfee, MX Logic, and several other security-focused companies.

Pax8 also promoted Chasin’s data focus in its release about his elevation to the top job.

The company noted in its news release that it was Chasin who last year unveiled the future of Pax8’s Marketplace, “designed to enable partners and vendors with data-driven insights and capabilities to accelerate their growth.”

Pax8 Finances and Investors

Pax8 raised $96 million in 2021 to expand its cloud marketplace technology platform for MSPs and IT pros. Investors in that round included Catalyst Investors and Sageview Capital led the Pax8 funding round, with participation from existing investors Blue Cloud Ventures and Liberty Global Ventures. Pax8's overall company valuation was not disclosed. The company raised another $185 million in new equity capital from SoftBank Vision Fund 2 in April 2022, raising its valuation to $1.7 billion.

In September 2023 Pax8 announced a round of debt funding – a $50 million line of credit with HSBC Innovation Banking, naming the company as its primary banking partner. At that time the company said the line of credit would be “bolstering the company’s already substantial liquidity position and furthering its growth ambitions. The company notes that they do not anticipate utilizing this line of credit immediately given its strong cash position.”

Leadership Statements About The Chasin, Street Changes

That release included statements attributed to both departing CEO John Street and from Chasin.

“Today marks the beginning of a new era at Pax8, as it is my pleasure to announce that Scott Chasin is officially now the CEO,” said Street. “I met Scott at the beginning of his entrepreneurial journey nearly three decades ago and have seen first-hand how he leads, dreams, and executes. He has a strong vision and the potential to take Pax8 further as a product-led technology company. Pax8 is on track to become an iconic brand, and I am thrilled to leave it in such capable hands and excited for what comes next.”

“Under John’s leadership, Pax8 has achieved extraordinary success, growing from a small technology startup to a leading global company,” said Chasin. “As I step into the CEO role, I’m humbled and energized by the vast potential ahead. According to Canalys, ninety-nine percent of companies worldwide are small-midsized businesses, which rely heavily on IT solution providers for their technology adoption and integrations. Through our innovative Marketplace, top-tier enablement programs, and connected community, Pax8 will empower our partners’ success and propel businesses around the world into the digital future.”

Pax8 Job Cuts and Upcoming Event

The announcement comes on the heels of job cuts at the company. In April Pax8 confirmed it would cut its workforce by almost 5%.

Pax8 will stage its second annual Pax8 Beyond conference in Denver June 9-11.

Jessica C. Davis

Jessica C. Davis is Editorial Director of CyberRisk Alliance’s channel brands — MSSP Alert and ChannelE2E. She also oversees content and programming for the MSSP Alert Live event. She has spent a career as a journalist covering the business of technology including chips, software, the cloud, AI, and cybersecurity. She previously served as Editor in Chief of Channel Insider and later of MSP Mentor where she was one of the first editors to oversee the creation and vision of the MSP 501 list.