Rackspace
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| Private company | |
| Industry | Managed cloud computing |
| Founded | 1998 |
| Headquarters | 1 Fanatical Place City of Windcrest San Antonio, TX 78218 |
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Key people
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Richard Yoo, Dirk Elmendorf, Patrick Condon, Morris Miller, Co-Founders Graham Weston, Executive Chairman Taylor Rhodes, President & CEO |
| Revenue |
 $1.794 billion (2014) |
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$163.529 million (2014) |
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$110.553 million (2014) |
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| Total assets |
$1.624 billion (2014) |
| Total equity |
$1.073 billion (2014) |
| Website | www |
Rackspace Inc. is a managed cloud computing company based in Windcrest, Texas, USA, a suburb of San Antonio, Texas. The company also has offices in Australia, the United Kingdom, Switzerland, Israel,The Netherlands, India, and Hong Kong, and data centers operating in Texas, Illinois, Virginia, the United Kingdom, Australia, and Hong Kong. The company's email and apps division operates from Blacksburg, VA; other offices are located in Austin, Texas. In 2016, Rackspace closed its San Francisco office. Rackspace became public in 2008, and in 2016 was purchased and taken private by Apollo Global Management LLC.
In 1996, Richard Yoo started a small Internet service provider called Cymitar Network Systems out of his garage apartment in San Antonio, Texas. The company began doing application development work in addition to offering basic Internet access and web hosting. In 1997, Yoo brought on Dirk Elmendorf. When the company began to develop Internet applications as its primary business, the company was re-formed as Cymitar Technology Group. As Cymitar Technology Group grew, Patrick Condon was recruited from California and joined the team in 1998. Coincidentally, all three of the company's founders were students at one time at Trinity University in San Antonio.
Although the founders began as application developers for end users, they found that most companies did not either know how or want to host their applications. The founders wanted to focus on application development–not hosting–but they were unable to find an opportunity to outsource the hosting work. Eventually, the founders realized that it would be better to create a product to serve the hosting need and launch it as a company. Rackspace was launched in October 1998 with Richard Yoo as its CEO. Although most hosting companies focused on the technology end of hosting, Rackspace created its "Fanatical Support" offering to focus on service and support. On March 28, 2000, Rackspace received funding through Norwest Venture Partners and Sequoia Capital. George J. Still, Jr., Managing Partner at Norwest, subsequently joined the Board of Directors.
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