Acquia completes US$55 million funding round

Acquia, the company co-founded by Drupal creator Dries Buytaert, has closed a US$55 equity funding round.

The round was led by new investor Centerview Capital Technology. It also included existing investors New Enterprise Associates (NEA) and Split Rock Partners, Acquia said.

Last year Acquia carried out a US$50 million funding round

The latest round brings the total investment in Acquia to US$188.6 million

"This investment in Acquia will enable our team to focus on doing what we do best, helping our customers achieve maximum business impact by delivering digital experiences that are flexible, agile, and open," Acquia CEO Tom Erickson said in a statement.

"We have become the backbone for many of the world's most influential digital experiences and continue to grow fast," Buytaert wrote in a blog entry.

A potential IPO by the company has been the subject of speculation for several years. In an interview earlier this year, Erickson said that the company would not rush to an IPO and it had "plenty of cash in the bank" after the 2014 funding round.

"The business itself is ready [for an IPO] both in terms of size and consistency of execution and value proposition, yet there are always other things you can do when you're a private company that you can't do when you're public," the CEO told Computerworld during the interview.

In November last year, Acquia appointed Graham Sowden as general manager of operations in Asia Pacific and Japan, based out of Sydney.

In an interview earlier this month Sowden said he sees opportunities for regional expansion, most immediately in Singapore.

"It's the strength of the customer base and the strength of the Drupal community, and just what's happening in some markets near there," Sowden said.

The company has traditionally seen strong growth in government, higher education and media. Locally it has also found some success among banks and telcos, Sowden said.

Sowden's predecessor, Chris Harrop, was last year appointed Acquia's director for the govCMS project: The whole-of-government cloud-based web platform operated by the company.


Copyright © 2015 IDG Communications, Inc.

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