Wellington Financial LP, a privately-held specialty finance firm, today announced it has invested $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.