DigitalOcean announced to Business Insider that it’s close to reaching its target to generate US$175million in revenue this year, reaching 48% more revenue than the US$77million it generated in 2015.

Yahoo revealed some facts on DigitalOcean’s business:

• The company claimed revenue of US$118million in 2016, up from US$77million in 2015
• DigitalOcean says that it’s been profitable on an earnings before interest, taxes, depreciation, and amortisation (EBITDA) basis since 2015
• The company said spending and costs have stayed flat, even as revenue increases, leading to widening margins “well north of 20%,” according to Uretsky
• Uretsky also said the company still has the entirety of its US$83million Series B investment from 2015 in the bank — the money was used as leverage to obtain a US$130million line of credit in early 2016
• DigitalOcean has 400 employees today, up from 209 at the end of 2015

DigitalOcean, CEO and co-founder Ben Uretsky, said: “We’re approaching the cloud market from a totally different angle. No one is really paying attention to the smaller market.”

Written by Leah Alger

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