Semiconductor producer Intel is set to exit Spot, an Israel-based workload software provider that agreed yesterday to an acquisition by cloud data services provider NetApp sized at $450m, according to Calcalist.
Founded in 2015 as Spotinst, Spot has built an infrastructure-as-a-service software platform that enables clients to continuously and automatically optimise cloud computing resources.
NetApp expects the acquisition to drive cost savings of up to 90% on its clients’ cloud computing and storage expenses, by reducing the amount of idle and overprovisioned resources they maintain.
Spot had raised a total of $52m in equity financing, most recently securing $35m in a 2018 series B round led by venture capital Highland Capital Partners that included Intel’s corporate VC unit, Intel Capital, in addition to Leaders Fund and Vertex Ventures.
Intel Capital had already led the company’s $15m series A round the previous year, investing alongside Vertex Ventures, after Pico Venture Partners had provided $2m in seed capital in 2016.
Amiram Shachar, Spot’s founder and chief executive, said: “Spot was founded with a vision to revolutionise the way companies consume cloud infrastructure services, using analytics and automation to deliver the most reliable, best performing and most cost-efficient infrastructure for every workload on every cloud.
“We look forward to joining the NetApp family and building together the future of application-driven infrastructure and helping customers to deploy more workloads in the cloud.”
