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Updata backs software development service XebiaLabs with $12m

10 Jun 2014

programming code software binaryUpdata Partners has become the first institutional investor in software development service XebiaLabs by providing the company with $12m.

XebiaLabs said it had experienced more than 100 per cent revenue growth each year since it was founded in 2008, and boasts customers including General Electric, Xerox and Expedia.

A statement from the Netherlands-headquartered company said, “Delivering higher quality software faster has become a business imperative.

“Current software development processes cannot keep pace with the demand for the faster delivery of software.

“While application development times have accelerated of late due to agile, scrum and other methodologies, deployment best practices have not kept pace, resulting in a significant bottleneck at the point of application release.”

Updata’s James Socas said, “We believe the market will continue to see a shift toward greater automation as organizations look to scale their efforts to deliver customer value at an accelerated pace.

“XebiaLabs offers a powerful solution for the industry and we are excited to collaborate with them in building a great company in an exciting category.”

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