NASDAQ giant swoops on Canberra start-up in $500m+ deal
Local open-source data technology company Instaclustr has been acquired by multibillion dollar NASDAQ-listed cloud tech player NetApp, in a deal industry sources expected to be worth upwards of $500 million.
Instaclustr, which was started in Canberra in 2013 and is one of the first notable success stories to emerge from the territory, gives businesses a platform that helps them host and manage applications that require mass amounts of data and run using multiple open-source tools such as Facebook’s Cassandra, Kafka and Elasticsearch.
It is an all-in-one platform for IT teams to manage the deployment, ongoing management, and monitoring of all components of their data infrastructure.
A hybrid cloud and data management company, NetApp, with a market cap of $23.4 billion, is buying the Aussie start-up as part of its push to ensure it can efficiently manage the growing complexity and operational requirements of modern cloud applications.
The deal results in a major payday for co-founders Benjamin Bromhead, Adam Zegelin, Doug Stuart and Peter Lilley, who is the CEO. It also a significant win for local investors such as OIF Ventures (formerly called Our Innovation Fund) and Bailador.
David James Connolly