Computing technology group IBM agreed yesterday to acquire Finland-based cloud infrastructure and services provider Nordcloud in a deal of undisclosed size that will enable financial services firm OP Corporate Bank to exit.
Founded in 2011, Nordcloud supplies technology that helps organisations build and maintain software using functions hosted by cloud service providers such as Amazon Web Services and Google Cloud in order to reduce costs and lead times.
IBM expects the acquisition to strengthen its hybrid cloud services, which integrate local and cloud-based IT capabilities.
OP Corporate Bank took part in a $22.6m round for Nordcloud in February 2019 together with government-owned financing vehicle Finnvera and European Union-affiliated debt underwriting vehicle InnovFin SME Guarantee Facility.
The company had already received $2.8m in debt financing from insurer Local Tapiola Mutual Insurance Company in 2016, the year after Finnvera had provided $1.1m in funding.