PRESS RELEASE:
Specialty finance firm invests in company to expand operations and fulfill increased market demand for ElectricFlow, the platform used by some of the largest enterprises in the world to accelerate software releases and DevOps pipelines.
SAN JOSE, Calif. & TORONTO–(BUSINESS WIRE)–February 13, 2017–
Wellington Financial LP, a privately-held specialty finance firm, today announced it has invested US$6 million in financing to support the growth of Electric Cloud, the leader in DevOps Release Automation. Electric Cloud also received a US$5 million line of credit and venture term loan facility from Bridge Bank.
“The need for fast and continuous software delivery is imperative for customers across a growing number of industries, and Electric Cloud has successfully risen to the challenge of meeting this mission-critical need for numerous Fortune 500 businesses. As a result, Gartner named the company as a leader in the Application Release Automation category,” said Paul McKinlay, Vice President at Wellington Financial. “Its DevOps Release Automation tools orchestrate the software release process and allow seamless coordination and collaboration amongst development and operations teams, which results in as much as 200X faster release cycles. We see a huge growth opportunity in this category as it grows in prominence, and who better to work with than category leader, Electric Cloud.”
The application release market is rapidly growing as organizations focus on accelerating their software releases and improving product quality, to attract users and remain competitive. As they shift away from manual, error-prone release processes towards a flexible, faster, and more convenient model of software releases, Electric Cloud has gained the attention of analysts and customers alike. ElectricFlow, the company’s flagship product, orchestrates the entire delivery process, automating builds, tests, and deployments, to allow teams to continually reduce the cost and risk of releasing software. ElectricFlow is being used by customers such as E*Trade, Scottrade, Gap, Qualcomm, GE and others to boost DevOps productivity, making their software releases faster, and safer.
“As we grow our management team and continue to serve our many long-term customers, we are 100% focused on helping more and more enterprises effectively and efficiently solve the end-to-end software delivery problems they face,” said Steve Brodie, CEO at Electric Cloud. “This investment will help us continue to improve the support that we provide to our existing clients, grow our footprint in new regions worldwide, and fund further product development to keep us well ahead of the competition.”
“We’ve been watching the DevOps space progress for quite some time and have been impressed with the innovation Electric Cloud has been producing,” said Matt Spencer, VP Technology Banking Division at Bridge Bank. “This new banking relationship with Electric Cloud will allow the company to continue an upward trajectory of growth and further increase their share of the market.”
In 2016, Electric Cloud was positioned the highest for Vision and Execution in Gartner’s Application Release Automation Magic Quadrant and was recognized as a Leader in the space also by Forrester research, Ovum, and other analysts. Electric Cloud is backed by Rembrandt Venture Partners, US Venture Partners, RRE Ventures, and Siemens Venture Capital.
About Wellington Financial LP
Wellington Financial LP is a privately-held specialty finance firm providing term, venture, and amortizing loans up to $40 million. Wellington Financial LP is currently managing a $900 million investment program with offices in Menlo Park, Santa Monica, and Toronto. Wellington Financial LP is managed by a partnership controlled by a fund management Clairvest Group Inc. (CVG:TSX), who jointly have contributed a large financial stake to the Fund. LPs include several of Canada’s largest institutional investors, crown corporations, financial institutions, and pension funds. Please visit the fund website at www.wellingtonfund.com.
About Electric Cloud, Inc.
Electric Cloud is the leader in DevOps Release Automation. We help organizations developing enterprise web/IT, mobile and embedded systems applications deliver better software faster by automating and accelerating build, deployment and release processes at scale. Leading organizations like Cisco, E*TRADE, Gap, GE, HP, Intel, Lockheed Martin, Sony and Qualcomm use Electric Cloud solutions and services to boost DevOps productivity and Agile throughput, while providing a scalable, auditable, predictable and high-performance pathway to production.
About Bridge Bank
Bridge Bank is a division of Western Alliance Bank, Member FDIC, the go-to bank for business in its growing markets. Bridge Bank was founded in 2001 in Silicon Valley to offer a better way to bank for small-market and middle-market businesses across many industries, as well as emerging technology companies and the private equity community. Geared to serving both venture-backed and non-venture-backed companies, Bridge Bank offers a broad scope of financial solutions including growth capital, equipment and working capital credit facilities, sustainable energy project finance, venture debt, treasury management, asset-based lending, SBA and commercial real estate loans, ESOP finance and a full line of international products and services. Based in San Jose, Bridge Bank has eight offices in major markets across the country along with Western Alliance Bank’s robust national platform of specialized financial services. Western Alliance Bank is the primary subsidiary of Phoenix-based Western Alliance Bancorporation. One of the country’s top-performing banking companies, Western Alliance ranks #4 on the Forbes 2017 “Best Banks in America” list. For more information, visit www.bridgebank.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170213005607/en/
Wellington Financial LP
Susan Mocherniak, 416-682-6007
smocherniak@wellingtonfund.com
or
Catapult PR-IR
Jeremy Douglas, 303-581-7760
jdouglas@catapultpr-ir.com