infoTECH Feature

July 22, 2015

Wheelings & Dealings: Apprenda Nabs $24 Million for PaaS Investment

Platform-as-a-service (PaaS) provider Apprenda has clenched a $24 million funding round.

The company said that it would use the funding in part to enhance its go-to-market activities for its platform, which Apprenda positions as a way for large enterprises to retain existing technology investments and applications while transitioning to a next-generation hybrid cloud approach to supporting internal applications. Clearly, larger companies have more legacy infrastructure, more complex networks and a host of different divisions that need to do different things—all meaning that a forklift approach isn’t in the cards for most.

"We believe PaaS is only doable one way-the customer's way," said Sinclair Schuller, CEO and co-founder of the company. "This means our technology had to be built to support everything upstream and downstream from our platform in a highly compatible way. And because of this, our vision of helping enterprises convert their data centers into cloud platforms supercharged for developer productivity has become a reality."

The Apprenda client roster already includes some known quantities—including JPMorgan Chase, McKesson and AmerisourceBergen. And indeed—it’s a growing space; MarketsandMarkets forecasts the PaaS sector to be worth $6.94 billion by 2018.

"With businesses all over the world seeking to modernize their application infrastructure, the growth in interest for platform-as-a-service technologies has been explosive," said Stephen O'Grady, principal analyst with RedMonk.

The company will also use the funding to “aggressively hire” new members for its engineering, product, client services and sales teams, it said.

This funding round was led by Safeguard Scientifics, with participation from New Enterprise Associates (NEA) and Ignition Partners—all existing investors. The round brings the company's total financing to date to $56 million.

"It has become widely accepted that an independent PaaS is the most efficient way to run a large internal technology environment," said Phillip Moyer, managing director of technology at Safeguard and a member of Apprenda's board of directors. "Apprenda's deep 10-year investment in enterprise PaaS technology is paying off with significant customer traction and market-wide recognition. We are proud to continue to partner with Sinclair and his team as they scale to the next level with this funding."




Edited by Dominick Sorrentino
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