Acquia Completes Fourth Cycle of Funding
Three-and-a-half-year-old Acquia has completed its series Dfundingcycle, the fourth round of fundraising for the company, raising US$ 15 million. The latest round of funding was almost double the size of thepreviousthree fundraising cycles. According to Dries Buytaert, Drupal creator and Acquiafounder, thisround of funding is all about growth. The funding will be used to increase sales and marketing activity outside of the U.S., starting withWesternEurope and then to Asia. The capital injection will also allowAcquia to furtherexpand its staff and product offerings.
Enterprise adoption of open source has grown substantially inthelast few years as technology departments sought ways to add services and keep costs low. This movement has driven growth in the open sourcesupport andservices market, because many organizations still desire thecomfort of an expertbehind the products they implement. AlthoughAcquia is a young company, itpositioned itself to serve that needfor the popular open source contentmanagement system Drupal.
Acquia’s growth has been impressive; it ended 2010reportingover 400% growth. Thecompany also reports 225% year-over-year revenue growth in the last 12 months, and tripling itscustomers.Additionally, since the last round of funding, the company’sstaff has expandedfrom 70 to 130, which will require the company torelocate from its currentoffice space.
Acquia isn’t just growing in terms of money and people. It is alsooffering new products and services such as Dev Cloud, the company’s cloud-based Drupal hosting targeted at developers, and a revampedAcquia Network, a subscription-based service that providessupport, add-ons andtechnical resources.
The growth of Drupal in the market and Acquia success willlikelydrive more competitors in the market, so Acquia is wise to continue positioning itself as the “premier” provider of Drupal services toensure itretains its market position.