Pivotal Scores $253 Million Series C Led By Ford On Hefty $2.8 Billion Valuation
LINK ->->->-> https://tinurll.com/2tuVg0
Pivotal Scores $253 Million Series C Led by Ford on Hefty $2.8 Billion Valuation
Pivotal, the cloud-native platform company, announced today that it has raised a whopping $253 million in a Series C round led by Ford Motor Company. The investment values the company at $2.8 billion, making it one of the most valuable private software companies in the world.
The round also included participation from Microsoft and existing investors GE, EMC and VMware. Pivotal said that the new funding will help it accelerate its growth and expand its global reach.
Pivotal was founded in 2013 as a spin-off from EMC and VMware, with GE as an initial investor. The company offers a suite of products and services that enable enterprises to build and run cloud-native applications using agile and DevOps methodologies. Pivotal's flagship product is Pivotal Cloud Foundry, an open-source platform-as-a-service (PaaS) that runs on any cloud infrastructure.
According to Pivotal, more than a third of the Fortune 100 companies use its platform, including Allstate, Comcast, Humana, Lockheed Martin and Verizon. The company claims to have generated more than $270 million in revenue in 2016, up 130% year-over-year.
One of Pivotal's most prominent customers is Ford, which has been using Pivotal Cloud Foundry to develop and deploy new software applications for its connected cars and mobility services. Ford said that it invested in Pivotal to deepen its collaboration and accelerate its digital transformation.
\"Expanding our business to be both an auto and mobility company requires leading-edge software expertise to deliver outstanding customer experiences,\" said Mark Fields, Ford president and CEO, in a statement. \"Our investment in Pivotal will help strengthen our ability to deliver these customer experiences at the speed of Silicon Valley.\"
Pivotal's CEO Rob Mee said that he was thrilled to have Ford and Microsoft as strategic partners. He added that Pivotal's vision is to provide a modern software development platform that can help enterprises innovate and compete in the digital era.
\"We are at a major inflection point in global business, and Pivotal is at the fulcrum of that change,\" said Mee. \"We are enabling the leading companies in the world to transform their businesses with software. Our results speak for themselves: every day we watch our customers develop and deploy cutting-edge applications with a start-up culture.\"
Pivotal's Series C round comes at a time when the cloud computing market is growing rapidly and becoming more competitive. According to Gartner, the worldwide public cloud services market is expected to grow 17% in 2020 to total $266.4 billion, up from $227.8 billion in 2019.
Pivotal faces competition from other cloud-native platform providers, such as Red Hat, IBM, Google and Amazon Web Services. However, Pivotal believes that its differentiation lies in its focus on developer productivity, enterprise-grade security and scalability, and multi-cloud compatibility.
\"Pivotal is a proven leader in creating a culture and environment for modern application development,\" said Scott Guthrie, executive vice president of Microsoft's Cloud and Enterprise Group. \"We are excited to partner with them to help our mutual customers accelerate their digital transformation with Azure.\"
Pivotal said that it plans to use the new funding to invest in R&D, sales and marketing, and expand its presence in new markets such as China, India and Japan. The company also said that it expects to go public in the near future.
\"We are honored by the trust that Ford and Microsoft have placed in us,\" said Mee. \"We look forward to continuing to work with them and our other customers to deliver software that matters.\" ec8f644aee