BELLEVUE, Wash., May 16, 2019 /PRNewswire/ -- Apptio, Inc., software that fuels digital transformation, today announced that it has signed a definitive agreement to acquire Cloudability, Inc., 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 $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."
Founded in 2011, Cloudability's founders believed that vendor native tools and spreadsheets were inadequate to manage the vast amounts of cloud billing data produced across multi-cloud environments like AWS, Azure and Google. Today, its intelligent, responsive platform is trusted by more than 250 enterprise customers to ensure every dollar spent on the cloud provides business value.
Cloudability's FinOps Platform gives IT, finance and business teams real-time understanding of cloud spending, down to the penny, and continual optimization of cloud costs. Billing, utilization and rate data from leading cloud providers are ingested and normalized for every VM, container and serverless workload, application, department and user. The Platform reinforces FinOps best practices by empowering teams to manage cloud consumption against their budgets while centralizing vendor management for operational excellence.
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.
Many of the world's leading cloud-first organizations like Atlassian, BP, Sony and Gannett use Cloudability's FinOps Platform to merge financial practices like forecasting, showback and allocations with operational outcomes like provisioning, tagging and analysis. Cloudability has also contributed to the rise of the Cloud Center of Excellence (CCoE), a central team of operations, engineering and finance leaders dedicated to the management and optimization of internal cloud resources.
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.
Cloudability is the pioneer and leader of the emerging FinOps market, a new practice area that brings financial accountability to the variable spend model of cloud. With more than $9 billion in cloud spend under management, Cloudability's cloud financial management platform is built to help IT, Finance and business teams make timely decisions about cloud usage and master the unit economics of cloud. Many of the world's top cloud spenders including BP, Sony and Siemens rely on the platform to balance the speed, cost and quality of cloud. Venture-backed Cloudability is based in Portland, Oregon and is the Founder and Technical Advisor of the FinOps Foundation. For more information, visit www.cloudability.com.
Apptio fuels digital business transformation. Technology leaders use Apptio's machine learning to analyze and plan their technology spend so they can invest in products that increase the speed of business and deliver innovation. With Apptio, they translate raw costs, utilization, and billing data into business-centric views that help their organization optimize spending, plan strategically, and drive digital strategy that funds growth of the business. Technology leaders can gather instant recommendations that result in 30% saving on cloud services. For more information, please visit www.Apptio.com.
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