Israeli software automation and orchestration company Quali today announced a $22.5 million Series-C financing round led by Jerusalem Venture Partners (JVP) and with participation from existing and new investors including Dell Ventures, Kreos Capital, Evergreen Ventures, Gemini Israel Ventures and ORR Partners.
With its development center in Ganei Tikva near Tel Aviv, Quali is a software company focused on automation and orchestration software to deliver environments-as-a-service for digital transformation initiatives aligned with cloud, DevOps and security. The company has more than 200 customers worldwide including several Tier-1 enterprises, service providers and technology vendors. Quali’s CloudShell platform is the industry leader in self-service environments for a variety of use-cases including DevOps automation, technical sales demos as well as cyber security and compliance.
The funding allows Quali, which has a US office in Santa Clara, California to open an additional office in Austin, Texas. The co0mpany will be able to increase momentum in the enterprise accelerating growth in cloud, security and DevOps use-cases. Over the past two years, Quali has demonstrated over 50% annual recurring revenue (ARR) growth and expanded into the enterprise. It has added new customer logos across a variety of segments, including the likes of Bank of America, Wells Fargo, Department of Defense and IBM, among others.
The company has also transitioned to a subscription-led offering from a perpetual license-based sales approach with more than 70% of its revenues coming from subscription. Finally, the company has been able to expand the use-cases that are enjoying significant ROI and lower TCO as a result of implementing CloudShell.
With this investment JVP joins the Quali board with Yoav Tzruya, JVP’s General Partner, taking on the role of Board Chairman. Quali CEO Lior Koriat, and Boaz Dinte, Managing Partner at Evergreen Ventures will continue to serve on the board. The board observers would also include representation from Dell Ventures and Kreos Capital.
Tzruya said, “Quali is a proven category leader in the Public and Private Cloud Automation category. With multiple companies addressing the global trend of digital transformation, we constantly witness organizations struggling with streamlining ever-increasing complex deployments. We believe the need for CloudShell will continue to grow. We are encouraged to see existing customers re-engage to deploy more use-cases, as well as additional industries and geographies that are engaging with the company.”
Quali’s Cloudshell-based solutions improve productivity of dev/test engineering organizations, accelerate the sales cycles for selling organizations and help improve the security and compliance posture for security teams. Its blueprint-based, self-service approach has been demonstrated to increase productivity by 30%, cut down costs by 40% and increase infrastructure efficiency by over 30%.
Koriat said, “We’re seeing a strong uptake of our solutions with hundreds of customers globally as they invest in digital transformation initiatives. We’re quite pleased to raise this new round of funding and welcome the investment from JVP that has a demonstrated track record of building great companies. The Quali CloudShell platform is a proven leader in the industry and this new round allows us to accelerate our go-to-market and increase our innovation velocity.”
Published by Globes, Israel business news - en.globes.co.il - on December 11, 2018
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