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Last Updated : May 17, 2019 06:26 PM IST | Source: Moneycontrol.com

Apptio announces intent to acquire Cloudability

Cloudability's FinOps Platform manages more than USD 9 billion in enterprise cloud spending across AWS, Microsoft Azure and Google Cloud.

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Apptio, software that fuels digital transformation, announced that it has signed a definitive agreement to acquire Cloudability, the market leader in multi-cloud financial management and FinOps, serving hundreds of customers around the globe. Cloudability's Financial Operations (FinOps) Platform manages more than USD 9 billion in enterprise cloud spending across AWS, Microsoft Azure and Google Cloud. Cloudability leverages data science, machine learning and automation to improve the unit economics and business agility of the cloud.

"The cloud has fundamentally changed the traditional IT operating model, enabling digital transformation in companies of all sizes. Cloud services represent a significant investment for every company and yet, managing, optimizing and governing the financial and operational details of the cloud is impossible without data science and machine learning," said Sunny Gupta, Apptio CEO. "With Cloudability, Apptio becomes the clear, agnostic market leader providing insights, optimization and business value across all technology investments including public cloud services and hybrid infrastructure."

"Apptio and Cloudability have long shared a dedication and passion for helping customers navigate disruptive change with powerful technology," said Mat Ellis, Founder and CEO of Cloudability. "Cloudability was built to bring Finance and DevOps together to ensure that the purchase and planning of cloud resources matches utilization, so no dollar is wasted. Now with Apptio, we're poised to offer the market's most mature and powerful platform for cloud migration/modernization, optimization, and agility."

The integration of Apptio and Cloudability's technology will focus on cloud/DevOps capabilities including deeper reserved instance planning, predictive forecasting, optimizing workflow integration to CI/CD tools like Jira and Slack and rightsizing based on leading monitoring tools like DataDog.

This transaction is expected to close during the second quarter of Apptio's 2019 fiscal year and is subject to customary closing conditions. Until the transaction closes, each company will continue to operate independently.

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First Published on May 17, 2019 06:26 pm
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