Acquia (news, site), provider of Drupal support and value-added services, just received an influx of cash -- US$ 15 million to be exact -- to support its efforts to grow and accelerate international expansion.
Acquia Completes Fourth Cycle of Funding
Three-and-a-half-year-old Acquia has completed its series D funding cycle, the fourth round of fundraising for the company, raising US$ 15 million. The latest round of funding was almost double the size of the previous three fundraising cycles. According to Dries Buytaert, Drupal creator and Acquia founder, this round of funding is all about growth. The funding will be used to increase sales and marketing activity outside of the U.S., starting with Western Europe and then to Asia. The capital injection will also allow Acquia to further expand its staff and product offerings.
Enterprise adoption of open source has grown substantially in the last few years as technology departments sought ways to add services and keep costs low. This movement has driven growth in the open source support and services market, because many organizations still desire the comfort of an expert behind the products they implement. Although Acquia is a young company, it positioned itself to serve that need for the popular open source content management system Drupal.
Acquia’s growth has been impressive; it ended 2010 reporting over 400% growth. The company also reports 225% year-over-year revenue growth in the last 12 months, and tripling its customers. Additionally, since the last round of funding, the company’s staff has expanded from 70 to 130, which will require the company to relocate from its current office space.
Acquia isn’t just growing in terms of money and people. It is also offering new products and services such as Dev Cloud, the company’s cloud-based Drupal hosting targeted at developers, and a revamped Acquia Network, a subscription-based service that provides support, add-ons and technical resources.
The growth of Drupal in the market and Acquia success will likely drive more competitors in the market, so Acquia is wise to continue positioning itself as the “premier” provider of Drupal services to ensure it retains its market position.