Investment in multi-cloud DevOps and AI-enabled testing platform led by Insight Partners after three consecutive years of triple-digit growth
Copado, a leading DevOps platform powering some of the world’s largest digital transformations, announced it has raised $140 million in Series C financing, bringing the total funds invested in the company to $257 million. The financing was led by Insight Partners with participation from new investors SoftBank Vision Fund 2, Declaration Partners and DG Ventures, as well as existing investors Salesforce Ventures, ISAI Cap Venture (Capgemini and ISAI joint fund), Lead Edge Capital, and Perpetual Investors. Strategic investor IBM Ventures also participated in the round and will provide global expertise to the company as it expands its international presence.
Citing a valuation approaching $1.2 billion, Copado will use the new funding to expand its DevOps and AI-enabled testing solutions across the leading enterprise SaaS platforms driving today’s digital transformation projects. Proceeds will also be used to fuel international growth, particularly into the Asia-Pacific (APAC) market with SoftBank and Digital Garage Group’s support. According to IDC, the total addressable market for DevOps is $18 billion, reflecting the tremendous growth potential for Copado’s solutions.
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“DevOps is now strategic to every business as digital economies become mainstream,” said Ted Elliott, Chief Executive Officer for Copado. “Nearly every company in the world is looking to accelerate their development lifecycle and empower teams to quickly deliver software without the fear of failed deployments. Since I joined Copado, we’ve been focused on making release days obsolete, allowing businesses to deliver more features, faster, more securely and with high quality. Copado is powering the next generation of cross-cloud digital transformation.”
Copado continued its impressive growth in the first half of fiscal 2022, more than doubling annual recurring revenue (ARR) and tripling the number of new seven-figure client engagements. More than 1,100 global brands now run on Copado including AmerisourceBergen, Cox Automotive and Linde. In the last six months, Copado added Campbell’s, Splunk, Standard Bank and TalkTalk Group to the roster, signed collaboration agreements with industry leaders IBM, SoftBank Robotics and Veeva, and grew to more than 500 employees globally. The company completed acquisitions of New Context and Qentinel to bring additional security and AI-enabled automated testing capabilities to its platform. Copado’s Summer 21 release was an industry milestone, creating the first and only true multi-cloud DevOps platform for enterprise SaaS and low-code development.
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“Rapid adoption of cloud technologies and low-code development products is underpinned by a driving need to digitally deliver services faster than ever before,” said Nikitas Koutoupes, Managing Director at Insight Partners and Copado board member. “The best way for any CIO to ensure that their development team is up to the task of delivering secure, high-quality software at a rapid pace is to implement DevOps across the software development life cycle. DevOps is the engine of digitalization. We believe in Copado’s ability to help companies achieve success in a multi-cloud world and are excited to be collaborating with its world-class team as they continue to deliver unparalleled value to their customers.”
“The enthusiastic support from customers and investors has been the driving force behind our success, enabling us to build a transformational company,” said Philipp Rackwitz, Chief Strategy Officer and co-founder of Copado. “Today, our customers are asking us to replicate the success they have experienced using Copado with Salesforce on other SaaS platforms. This customer driven innovation is fueling our growth and multi-cloud expansion strategy. We are excited to find ourselves only at the beginning of this extraordinary journey.”
Copado is redefining how to achieve success with enterprise SaaS and low-code platforms with its data-driven approach to delivering faster, higher quality releases and improving trust across digital transformation projects. Organizations using Copado reported 20x shorter lead times, 10x faster recovery times and 4x reduction in change fail rate, driving $4.5 million in value and an ROI of 307% over three years with payback in less than six months.
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