Sterling-based startup ParkMyCloud Inc. has been acquired by Boston cloud management platform Turbonomic Inc.
Terms of the deal were not disclosed.
In a blog post published Friday long on praise for Turbonomics, ParkMyCloud CEO Jay Chapel said the acquisition won’t change much for customers. He said the well-funded Turbonomic will be backing his company’s team while it continues to build on the platform, which offers automated tools to help companies reduce cloud-related spending and waste.
Why Turbonomic, he asked? “Simply put, they are the experts in our space” and “one of the fastest-growing technology companies in the virtualization and cloud management space,” Chapel wrote.
Turbonomic has raised nearly $125 million since its founding in 2009, with an early 2017 company valuation of $850 million, according to venture data firm PitchBook. The company has 551 employees identified on LinkedIn. It counts Xerox Corp., Thomson Reuters Corp., CenturyLink Inc., Carfax Inc., AT&T Inc.…Read the full story from the Washington Business Journal.