Apptio acquires Cloudability

Apptio recently announced that it has completed the acquisition of Cloudability. The financial terms of the transaction are not disclosed.

Founded in 2007, Washington based Apptio uses machine learning to provide a multi-cloud cost management solution to enterprises. The company has raised a total of USD $261 Million in eight funding rounds, according to CrunchBase. Apptio was acquired by Vista equity partners on 10th January 2019 at the cost of USD $1.94 billion.

Founded in 2011, Portland headquartered Cloudability provides Financial Operations (FinOps) Platform helps manage enterprises cloud spending across AWS, Microsoft Azure, and Google Cloud. The announcement claimed that Cloudability is managing more than $9 billion in enterprise cloud spending across all major cloud platform and servers more than 250 organizations globally. Cloudabiity’s basic motto is to enhance the unit economics and business agility of the cloud by leveraging data science, machine learning and automation. Cloudability has raised around USD $39.8 Million in six investment rounds, according to CrunchBase.

Co-founder and CEO of Apptio, Sunny Gupta said, "I am thrilled to have Cloudability as a member of the Apptio family as we jointly offer technology leaders with the industry's only cloud agnostic FinOps solution. From cloud-native to hybrid and everything in-between, Apptio and Cloudability customers now enjoy the most sophisticated feature set for migration, optimization and cloud-first growth."

According to the announcement, Davis Wright Tremaine LLP served as a legal advisor while KeyBanc Capital Markets Inc. served as exclusive financial advisor to Cloudability for this transaction. Kirkland & Ellis LLP served as the legal advisor to Apptio.

This acquisition will be a big boon to the customers as both Apptio and Cloudability customers will have access to an integrated solution bring together the best features of both products, announcement notes.

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