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HPE snaps up Cloud Technology Partners to expand its consulting business
Aiming to extend further into cloud computing, Hewlett Packard Enterprise Co. today said it has acquired Boston, Massachusetts-based cloud solutions provider Cloud Technology Partners Inc.
Founded in 2010, CTP assists companies in planning, designing and building cloud solutions for applications and infrastructures that aim to reduce information technology costs and streamline operations. Supporting Amazon Web Services, Google Cloud Platform, Microsoft Azure and OpenStack, the company offers cloud strategy consulting, private cloud deployment, systems integration, application development and migration and cloud security and governance.
For HPE, the acquisition was all about strengthening hybrid IT capabilities by extending its cloud consulting expertise. “CTP’s architects have been designing, building and implementing IT solutions for Fortune 500 clients across industries and have completed almost 500 enterprise cloud transformation projects,” HPE said in a press release. “Together, HPE and CTP will provide our customers with a comprehensive IT strategy that includes private, managed and public clouds, as well as traditional IT.”
Discussing the deal, CTP Chief Executive Officer Chris Greendale noted that the buy came about after the company started looking to raise a new round. “Over the course of the past six months, CTP’s leadership team explored various funding routes, each with its own benefits. Our initial intent was to raise a ‘D’ round of funding. During these discussions, it became clear that one party stood out from the rest.”
CTP is HPE’s fifth acquisition this year, coming after it bought hyperconverged system startup Simplivity for $650 million in June, network security startup Niara in February and cloud financial management startup Cloud Cruiser in January. The acquisition also comes the same day HPE posted strong earnings in the third quarter, beating market expectations with quarterly revenue of $8.2 billion and adjusted earnings per share of 30 cents.
The price of the CTP acquisition was not disclosed, but the company had previously raised $34 million in funding. Investors included Oak Investment Partners, Pritzker Group Venture Capital, Rackspace Inc. and State Street Bank & Trust.
The deal is expected to close at the end of this month. CTP will join HPE’s PointNext services division.
Image: HPE
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