AppDirect Acquires Standing Cloud, Raises $9 Million in Series B Funding Round
AppDirect, a cloud service marketplace company, announced today that it has acquired Standing Cloud, a provider of cloud management services.
The San Francisco-based AppDirect, which was founded in 2009 by Canadians Daniel Saks and Nicolas Desmarais, has also raised a Series B funding round.
“Both AppDirect and Standing Cloud have worked to develop technologies that make the cloud easier to use. With this acquisition, we can join forces to accelerate the speed of innovation and move faster than ever before,” says Saks, president and co-CEO of AppDirect. “We’re thrilled to work with a team that’s as excited about cloud services technology as we are.”
“From day one, we’ve been impressed with AppDirect’s technology and the passion of its team,” Leslie Osborne, VP of Product and Operations at Standing Cloud, added. “AppDirect clearly shares our vision for making cloud technologies more accessible and easier to use, and we’re looking forward to all of the great things we can achieve together.”
As part of the acquisition, AppDirect will become part of the Foundry Group portfolio of companies, which is headed by prominent investor Brad Feld. “At the Foundry Group, we’ve made it a point to invest in companies that drive long-term cycles of innovation. AppDirect fits that vision to a tee,” says Feld.
The Series B round sees AppDirect receive $9 million from existing investors. The round was led by iNovia Capital.
“iNovia doubled up on AppDirect because the team can execute, it’s as simple as that,” says Chris Arsenault, Managing Partner at iNovia. “And now, with the Standing Cloud acquisition, AppDirect will accelerate its already amazing growth and cloud service marketplace leadership.”