Rosh HaAyin-based AllCloud, which offers cloud computing solutions for organizations, has completed its Series A financing round, raising $3 million at a company value of $30 million. An anonymous group of New York investors led the round with participation from AllCloud's existing investors: the Weil family, Jesselson Capital, and Eran Gil, founder of Cloud Sherpas, sold for $400 million.
AllCloud specializes in cloud computing solutions for major companies, such as Amazon, Salesforce, and Google. It offers its solutions to businesses and installs and maintains them, and also offers NetSuite's ERP solution. The company now has over 1,300 customers, including the Ministry of Finance, Israel Postal Company, Cellcom Israel Ltd. (NYSE:CEL; TASE:CEL), Amdocs Ltd. (Nasdaq: DOX), HPE, and smaller startups. It operates in Afek Park in Rosh HaAyin, and has offices in Berlin and Munich and a support center in Romania. President Yossi Frenkel founded AllCloud, and the CEO is Ronit Rubin.
Frenkel told "Globes" that the money from the financing round was for expansion in the US market through the acquisition of one or two companies. "We want to acquire an AWS partner and a Salesforce partner," he explains. "In cloud computing, there is currently a shortage of strong global integrators with more than 100 employees that can handle everything. There is a shortage of architects, engineers, and developers who are familiar with cloud computing. Our goal is to be an international integrator."
AllCloud is not revealing precise figures about it annual revenue, but the company says that it is in the high tens of millions of dollars, and that it grew 40% in the past year. "Since the company was founded, various investors have been knocking on our door asking to join," Frenkel says. "Up until now, we have preferred to stay with the current investors, but now we want to step up our acquisitions activity."
Published by Globes [online], Israel Business News - www.globes-online.com - on December 11, 2017
© Copyright of Globes Publisher Itonut (1983) Ltd. 2017