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General Atlantic leads $60m Series D for cloud tech company Appirio

15 Mar 2012

Global growth investor General Atlantic has led a $60m Series D financing round for Appirio, a services provider that helps businesses operate through cloud technology.

The round, which saw participation from existing investors Sequoia Capital and GGV Capital, will be used to finance investment and M&A to support global expansion of its consulting practice areas.

Since being set up in 2006 the company has worked on some of salesforce.com, Google and Workday’s customers, including those at BMC Software, Japan Post, Medtronic, Flextronics, Twitter, Merkle and NetApp.

The team has moved more than 1.5 million users to the public cloud to date and has offices in the US, Japan, Singapore and the UK with crowdsourced developers in more than 65 countries. Revenues increased year-over-year by 80 per cent in 2011.

“Appirio is defining what a next-generation technology services provider will be in the era dominated by cloud solutions,” said Gary Reiner, an operating partner at General Atlantic.

“The company’s unique combination of technology and crowdsourcing – along with its cloud focus and experienced team – have the potential to completely disrupt the $793bn worldwide Global Systems Integrator market.”

General Atlantic was recently forced to sell its 20 per cent stake in Russian antivirus software developer Kaspersky Lab back to its owner, after he decided he wanted the Conecticut-based company to remain private to retain the culture of the company. The company brought in GA in January last year with plans to expand its service offering, including plans to diversify into cloud computing.

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