Cloud Technology Partners Closes $5 Million Series B Funding Round Oak Investment Partners Leads Round, Solidifying Company's Growth Plans
BOSTON, Aug. 20, 2013 /PRNewswire/ -- Cloud Technology Partners™, the leader in transforming enterprises through cloud solutions, today announced the closing of a $5 million Series B round. The funding, led by Oak Investment Partners, will be used to support the firm's rapid growth and to expand its professional services and software offerings.
"Oak is an extremely sophisticated investor so we are gratified by their confidence in us," said Chris Greendale, Founder and CEO of Cloud Technology Partners. "They see a company that has beyond first class people, an unparalleled cloud knowledge base, a Fortune 500 client list to die for, and a great reputation – all of this in an early market." He continued, "We are particularly pleased that Ed Glassmeyer of Oak Investment Partners, has agreed to join our Board of Advisors. Ed adds to an already very accomplished group of individuals including Bill Helman of Greylock Partners and Chris Pasko of The Blackstone Group."
Cloud Technology Partners has completed over 50 engagements designing and building advanced cloud computing systems for its enterprise clients both in the U.S. and internationally.
"Chris Greendale is doing it again. He sees an important paradigm shift in Information Technology, and is guiding enterprise clients through the change. Cloud Technology Partners is to cloud adoption what Cambridge Technology Partners was for client-server adoption, both led by Chris," said Ed Glassmeyer, Managing Partner, Oak Investment Partners.
In addition to Oak, the Series B round included funding from a new strategic investor as well as additional funds from existing investors State Street Bank and select angels.
The investment will be used to enhance Cloud Technology Partners' position as the market expert for building cloud infrastructures and applications. The funds will also allow the firm to meet the demand for its first application migration software product, PaaSLane™, and to further improve the tool's functionality and usability.
About Cloud Technology Partners
Cloud Technology Partners™ plans, designs and builds cloud applications and infrastructures that reduce IT costs, streamline operations and accelerate time to market. The firm's comprehensive services portfolio and custom software and tools enable the world's leading businesses and institutions to innovate through cloud computing. Engagement expertise includes cloud strategy consulting, private cloud deployment, systems integration, application development and migration, and cloud security and governance. For more information, please visit: www.cloudtp.com.
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