Boston-based Cloud Technology Partners, a provider of cloud and software services for enterprises, will be acquired by Hewlett Packard Enterprise, the Californian IT giant announced on Tuesday.
Terms of the deal were not disclosed.
In a blog post, Cloud Technology Partners CEO Chris Greendale wrote that over the course of the past six months, the company explored various funding routes. However, one party stood out from the rest. “HPE provided us the opportunity to maintain our industry-recognized brand and rapidly scale through new revenue streams, new markets, larger and more diverse enterprise accounts, and additional human capital,” Greendale wrote.
As part of the acquisition, CTP will become part of PointNext, HPE’s unit offering technology services consulting and support groups.
Announcing the acquisition in a blog post, Ana Pinczuk, senior vice president of PointNext, wrote that the pending on the hybrid IT consulting and cloud native development segments is approximately $6 billion today. “The CTP team has built strong customer momentum and will be able to accelerate that momentum by leveraging HPE’s global brand and go-to-market,” Pinczuk wrote.
Cloud Technology Partners is HPE’s fifth technology acquisition this year, according to Crunchbase. Its first acquisition of 2017 was another Boston-area company, SimpliVity, which HPE paid $650 million to buy.
The company raised almost $34 million from different investors, including Oak Investment Partners and Pritzker Group Venture Capital.
In its office on 321 Summer Street, the company’s showcases the 18 steps of its signature Cloud adoption program thanks to a rainbow booth with 180 pounds of M&M’s candies, which was featured in a recent Office Envy.
The deal between CTP and HPE is expected to close this month.