Apptio signed a definitive agreement to acquire Cloudability, a provider in multi-cloud financial management and FinOps.
Cloudability's Financial Operations (FinOps) Platform manages more than $9 billion in enterprise cloud spending across AWS, Microsoft Azure and Google Cloud. Cloudability leverages data science, machine learning and automation to improve the unit economics and business agility of the cloud.
"The cloud has fundamentally changed the traditional IT operating model, enabling digital transformation in companies of all sizes. Cloud services represent a significant investment for every company and yet, managing, optimizing and governing the financial and operational details of the cloud is impossible without data science and machine learning," said Sunny Gupta, Apptio CEO. "With Cloudability, Apptio becomes the clear, agnostic market leader providing insights, optimization and business value across all technology investments including public cloud services and hybrid infrastructure."
"Apptio and Cloudability have long shared a dedication and passion for helping customers navigate disruptive change with powerful technology," said Mat Ellis, Founder and CEO of Cloudability. "Cloudability was built to bring Finance and DevOps together to ensure that the purchase and planning of cloud resources matches utilization, so no dollar is wasted. Now with Apptio, we're poised to offer the market's most mature and powerful platform for cloud migration/modernization, optimization, and agility."
Founded in 2011, Cloudability's founders believed that vendor native tools and spreadsheets were inadequate to manage the vast amounts of cloud billing data produced across multi-cloud environments like AWS, Azure and Google. Today, its intelligent, responsive platform is trusted by more than 250 enterprise customers to ensure every dollar spent on the cloud provides business value.
Cloudability's FinOps Platform gives IT, finance and business teams real-time understanding of cloud spending, down to the penny, and continual optimization of cloud costs. Billing, utilization and rate data from leading cloud providers are ingested and normalized for every VM, container and serverless workload, application, department and user. The Platform reinforces FinOps best practices by empowering teams to manage cloud consumption against their budgets while centralizing vendor management for operational excellence.
The integration of Apptio and Cloudability's technology will focus on cloud/DevOps capabilities including deeper reserved instance planning, predictive forecasting, optimizing workflow integration to CI/CD tools like Jira and Slack and rightsizing based on leading monitoring tools like DataDog.
This transaction is expected to close during the second quarter of Apptio's 2019 fiscal year and is subject to customary closing conditions. Until the transaction closes, each company will continue to operate independently.