Investments are fueling the evolution of IT services

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IT service providers, and the vendors they rely on, are scrambling to raise capital in anticipation of a major shift in the way IT will be consumed and managed in the wake of the COVID-19 pandemic. At a time when more organizations than ever are willing to rely on external service providers to reduce their IT costs, these providers of IT services need to accelerate their transition to cloud-based platforms.

That shift requires a significant amount of investment: IT tech support provider Electric AI announced this week it has raised $40 million in series C funding to advance the