Migrating and Upgrading WordPress

I am currently using WordPress 3.5.1 which is hosted on Shared hosting but now I am thinking to move on managed cloud hosting, Would it be good to move on or not? and If I will move, then moving website data, and upgrading to a new version would impact my website or it will be moved safely? I have selected Cloudways WordPress hosting and according to their platform, they offer migration plugin and upgrading to latest version. But, I need an experts opinion.

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