Exitround Case Study: Cloudability and Attribo
Bangalore-based Attribo had built a service for companies to manage their cloud resources and spend across all their various accounts. The company was interested in an exit but did not have suitable buyer contacts, particularly in the U.S.
Meanwhile, Portland-based Cloudability provides technology for companies to manage the costs of their cloud services. Cloudability was looking to expand its business through M&A in the cloud management space, and but it didn’t have quick ways of identifying and targeting acquisitions. The two companies each joined Exitround and the Genome M&A engine paired them up. Soon after, a deal was completed.
Founded in 2011, Portland-based Cloudability provides technology for companies to manage the costs of their cloud services across a company’s finance, engineering, product or executive teams. The company has raised $15.8 million in venture capital funding. Cloudability has major customers such as Uber, GE, Adobe, Imgur and Cengage Learning.
HOW IT HAPPENED
Prior to discovering Exitround, Cloudability had recently consummated another acquisition in the cloud management space, CloudVertical. Cloudability founder and CEO Mat Ellis was interested in ramping his acquisition strategy to quickly expand in the market, but his nimble team needed leverage to ramp his corporate development processes. The Exitround platform enabled Cloudability to quickly get a sense of the market and move swiftly to consolidate the space.
Attribo was a competitor to Cloudability and the CEOs did not speak regularly. The Exitround platform and M&A engine identified the high degree of relevancy and intent between the two companies and suggested that they connect. The recommendation was helpful as Cloudability would not have known Attribo was interested in exploring an M&A option.
After both agreed to connect, an introduction between the two parties was made. Because of the efficiency of the Exitround platform, they were able to get a deal done quickly. “We wouldn’t have been able to do another acquisition so quickly after our previous one,” CEO Ellis said. “But with Exitround we could.”
The deal came together rapidly — 60 to 90 days after connecting on Exitround. On June 24, 2015, Cloudability announced the Attribo acquisition. That deal allowed Cloudability to further expand in the market and also expand internationally. The company has since gone on to do another acquisition in the space, Portland-based big data company RipFog.
The Exitround platform directly enabled the Cloudability team to efficiently and intelligently identify M&A opportunities, greatly contributing to the company’s rapid growth.