Series Owl Rockwheatleysiliconangle: Replicated, which sells tools that help software makers create and deploy on-premises versions of their applications, raises $50M Series C led by Owl Rock.
Chicago-based Replicated announced that it has raised $50 million Series C led by Owl Rock to accelerate its efforts to build enterprise software as a service solutions for Fortune 500 companies. The round was joined by new investors Matrix Partners, Para Games and The Venture Reality Fund.
The funding will be used to bring on additional sales force talent and to expand into new markets across the US, Canada, Europe and Asia Pacific. Replicated has been working with Fortune 500 companies since 2012 on developing their own private-cloud software as a service solutions.
“We want to become a full-fledged provider of software as a service, and we want to do it in an open and secure way,” said Replicated’s CEO and Co-Founder Tony Grey. “Our technology is unique in that it has been tested in the enterprise market by companies like Oracle, Cisco and IBM. We have been working with the Fortune 500 for three years.”
In addition to its revenue from customers, Replicated also generates revenue from selling private-cloud solutions for developers. Owl Rock’s Nick McQuire and Mark Kvamme will be joining Replicated’s board of directors, along with Greg Jones, former CFO and VP of Finance at Salesforce.
“It’s a huge business opportunity and we want to help them accelerate,” said McQuire. “This is an enterprise company that is taking these key elements out that enterprises care about.”
Replicated currently has 70 employees, but it plans to double the size of its team by the end of 2015. The company also plans to expand into new areas, including software as a service for developers.
“We believe that Replicated is leading the enterprise software as a service space and there are a few instances where they have really been focused on bridging the gap between the developer and enterprise,” said Kvamme. “The company has done quite well in both areas: they have a really good technical solution, but they also have a much broader integration with other enterprise systems. Their main access point is via the developer, but they can also go deeper into the enterprise.”
Replicated plans to use a portion of its Series C financing to enable additional sales force for its current customers.
“We want to be able to go out and get more enterprise customers who are looking for the same type of solution that we have,” said Grey. “We feel like there is a lot of opportunity in that area, particularly as we start working with new software as a service platforms like Amazon Web Services.
Leave a Reply