Stratoscale closes down, lays off 60

Cloud computing

The Israeli multi-cloud hybrid platform developer raised $70 million from investors including Cisco, Intel and Qualcomm.

Israeli startup Stratoscale, which developed a multi-cloud hybrid platform, has closed down. The Herzliya-based company, which was founded six years ago by CEO Ariel Maislos and Etay Bogner, who is no longer with the company, has raised $70 million to date. The company was recently in talks to be acquired but the negotiations did not succeed and Stratoscale, with 60 employees, has now decided to shut down. Maislos was one of the founders of Anobit, which was sold to Apple in 2012.

The company is now trying to sell its technology. Stratoscale's investors include Bessamer Ventures, Battery Ventures, Cisco, Intel, Qualcomm and Sandisk. Two years ago, Stratoscale acquired US company Tesora, which was developing advanced services for setting up data storage from public and private cloud platforms.

Stratoscale has developed solutions that allow customers to install technologies onto enterprise servers of the same type that they receive on the external serves of Google, Microsoft and Amazon. As part of the trend of moving to such services, Stratoscale also helped companies move to a hybrid cloud model by dividing data between their servers and the cloud.

Maislos told "Globes," "We built something amazing but the merger was not successful. The product that we developed was great and right, if it will be part of a larger organization. We think there has been a technological switch in which the giants dictate the direction of the market and we gave more power to the traditional players. We had an amazing team but we decided that the time had come to move on."

Published by Globes, Israel business news - - on December 15, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

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