Rackspace Hosting posted an 18.3 percent rice in quarterly revenue after experiencing rising demand for cloud management and web hosting, suggesting that cloud computing will remain a booming business for the foreseeable future.

The jump meant revenues for the company increased to $459.8 million for the third quarter, which ended Sept. 30, compared to $388.6 million last year, according to company statement.

Rackspace, the top managed cloud company, saw revenues grow 4.4 percent from the last quarter, and things are looking brighter for the fourth quarter: total net revenue between $469 and $476 million, according to the company, despite negative impact from foreign currencies that could reach $5 million.

Taylor Rhodes, president and CEO of Rackspace, said the company was “pleased” with the performance in the most recent quarter.

“We are poised to capitalize on the massive opportunity ahead in the managed cloud market, where we see increasing demand for our managed services and expertise,” Rhodes said in the statement. “And while we made strong progress this year, we’re determined to continually improve our execution and seize our future.”

The number of servers also jumped from 107,657 at the end of last quarter to 110,453 at the end of this year, and revenue per server increased to $1,405 per mont — up from $1,375 last quarter.

Rackspace, a Texas-based company, was founded in 1996 as a small Internet service provider before growing into the massive cloud-computing company it is today with servers and offices around the globe.