Siemens is set to exit the app orchestration software provider in an acquisition of undisclosed size by CloudBees, having invested in the company in 2014.
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.
