Software automation technology provider CloudBees has agreed to acquire Electric Cloud, a US-based production management software producer backed by industrial product and appliance provider Siemens, for an undisclosed amount.
Founded in 2002, Electric Cloud has developed a software platform called ElectricFlow that helps developers automate the process of building, deploying and releasing enterprise applications.
The company has also created a platform dubbed Electric Accelerator, which is designed to speed up the process of creating and testing applications by running programs across multiple processors, including on-premise and in the cloud.
Christina Noren, chief product officer at CloudBees, told VentureBeat: “By combining our strengths, we will provide customers with a software delivery system that helps them connect and measure all end-to-end activities, from development all the way through to deployment and release.”
The deal comes after almost $58m in equity and debt financing, including $12m in a 2014 series E round featuring Siemens’ corporate venturing arm, Siemens Venture Capital, and existing investors Mayfield Fund, RRE Ventures, US Venture Partners and Rembrandt Venture Partners.
Wellington Financial subsequently provided $6m of financing for the company in 2017 alongside a $5m line of credit and a venture term loan facility from Bridge Bank, after $4.2m in equity funding in 2015 and another $6.2m the following year, according to securities filings.