June 12, 2014
The financial terms of the deal were not publicly disclosed, but the Waltham, Massachusetts-based cloud information security provider said it has acquired Innovode’s technology and hired key team members as part of the transaction.
To further accelerate its product innovation and introduce additional expertise, CloudLock will work Innovode’s technology into its current offerings, the company said.
In a letter to customers, Innovode said the deal will further implement its “cloud security vision within CloudLock’s cloud service portfolio”:
“When we first met with the CloudLock team, we saw an entrepreneurial organization that, like us, sees the cloud as an opportunity rather than a problem and cloud security as a way to accelerate business objectives rather than as a blocker. By joining CloudLock, we will be able to make even greater leaps in the level of security that governs cloud resident data, particularly for organisations.”
“Their expertise and technology is highly complementary to CloudLock’s current offering with a focus on enabling organizations to accelerate their business objectives through secure public cloud applications,” CloudLock Marketing Vice President Bernd Leger told Talkin’ Cloud.
The acquisition will “accelerate CloudLock’s product offerings significantly and inject additional core expertise that will benefit CloudLock’s customers,” he said.
Bernd could not comment on future acquisition opportunities for CloudLock, but he did say that “we consistently review our strategy for growth and acquisitions may play a part.”
While the deal may not directly affect the company’s channel partners, “a significant portion of CloudLock’s business is conducted via channel partners,” Leger said.
“CloudLock expects partners to continue to play a vital role in delivering value to the market,” he added.
CloudLock announced in January it raised $16.5 million in Series C funding. Bessemer Venture Partners led the funding round, with participation from existing investors Cedar Fund and Ascent Venture Partners.
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