Israel-Based AllCloud Acquires U.S.-Based Cloud Services Company Figur8
The acquisition is part of AllCloud’s strategy to enter into the North American market. AllCloud also announced it has raised $7 in a convertible loan agreement
Israel-based company AllCloud Platforms Ltd. has acquired San Francisco-based company Figur8 Cloud Solutions, the companies announced Tuesday. AllCloud paid about $10 million, newly appointed CEO Eran Gil said in a phone interview with Calcalist on Thursday.
AllCloud also announced it has raised $7 million from Discount Capital Ltd., the investment arm of Israel Discount Bank Ltd., U.S.-based Hallett Capital LLC and existing investors Jesselson Capital Corporation and the Weil Family. The funding, which brings the company’s total funding raised to over $15 million, was raised in a convertible loan agreement, Gil said.
AllCloud CEO Eran Gil. Photo: PR
AllCloud was founded in 2014, as a result of the acquisition of two Israel-based cloud services companies—Emind Systems Ltd. and Blat Lapidot HR Cloud Ltd. It provides companies with cloud architecture and implementation services. AllCloud employs 200 people in offices in Rosh HaAyin, a town in central Israel, Munich, Berlin, and Bucharest.
Founded in 2012, Figur8 provides services to companies using Salesforce’s cloud service and has around 40 employees. Following the acquisition, AllCloud plans to enter the North American market and expand to Figur8’s existing locations in San Francisco, New York, Vancouver, and Toronto.
The funding gave AllCloud the flexibility it needs for growth, and the company may make additional acquisitions for that purpose, Gil said. The company’s yearly revenue stands at tens of millions of dollars and it intends to raise a Series C investment round by the end of the year, he added.