AppDirect Acquires Standing Cloud, Raises $9 Million in Series B Funding Round

Posted by Techvibes NewsDesk

AppDirect, a cloud service marketplace company, announced today that it has acquired Standing Cloud, a provider of cloud management services.

The San Francisco-based AppDirect, which was founded in 2009 by Canadians Daniel Saks and Nicolas Desmarais, has also raised a Series B funding round.

“Both AppDirect and Standing Cloud have worked to develop technologies that make the cloud easier to use. With this acquisition, we can join forces to accelerate the speed of innovation and move faster than ever before,” says Saks, president and co-CEO of AppDirect. “We're thrilled to work with a team that's as excited about cloud services technology as we are.”

"From day one, we've been impressed with AppDirect's technology and the passion of its team," Leslie Osborne, VP of Product and Operations at Standing Cloud, added. "AppDirect clearly shares our vision for making cloud technologies more accessible and easier to use, and we're looking forward to all of the great things we can achieve together."

As part of the acquisition, AppDirect will become part of the Foundry Group portfolio of companies, which is headed by prominent investor Brad Feld. "At the Foundry Group, we've made it a point to invest in companies that drive long-term cycles of innovation. AppDirect fits that vision to a tee," says Feld.

The Series B round sees AppDirect receive $9 million from existing investors. The round was led by iNovia Capital.

"iNovia doubled up on AppDirect because the team can execute, it's as simple as that," says Chris Arsenault, Managing Partner at iNovia. "And now, with the Standing Cloud acquisition, AppDirect will accelerate its already amazing growth and cloud service marketplace leadership."

Company:
iNovia Capital
Website:
http://www.inovia.vc
Location:
Montréal, Québec, Canada

iNovia partners with exceptional entrepreneurs to build successful companies in high-growth sectors. The team is comprised of entrepreneurs and sector experts focused on Mobile, Internet and Digital Media. iNovia has offices in Montreal, New York City and Calgary and invests across North America. iNovia has $275M under management across three seed and early-­stage funds. For more information, visit www.inovia.vc... more

Company:
AppDirect
Website:
http://www.appdirect.com
Location:
Montréal, Québec, Canada

AppDirect offers a cloud service marketplace and management platform that enables companies to distribute web-based services. The global network of AppDirect-powered marketplaces allows businesses to find, buy, and manage the best applications the cloud has to offer. more


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Techvibes NewsDesk

Techvibes NewsDesk

Techvibes is Canada's leading technology media property.Founded in 2002, Techvibes covers technology and business news that impacts Canadians. We combine breaking local news with international coverage to deliver a unique balance of insight and information. The Techvibes Newsdesk covers a broad beat and publishes general news stories. If you have a story you would like covered, email... more



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