According to Acquia, the latest financing brings the total investment in the company to $118.6 million. The latest round was led by new investor New Enterprise Associates, and includes new investor Split Rock Partners. Existing investors North Bridge Venture Partners, Sigma Partners, Investor Growth Capital, and Tenaya Capital also participated in the round.
Founded in 2007, Burlington, Mass.-Acquia provides open cloud hosting, developer tools and support for Drupal, the open source content management platform.
The new funding will help Acquia scale its sales and marketing efforts, increase channel investments, and double down on growth areas including commerce.
“Digital isn’t just about marketing; it is the core of modern business, disrupting everything — commerce, campaigns, customer service, employee engagement, civic engagement and more. Acquia is powering this disruption for enterprise organizations, creating an enormous opportunity to accelerate our momentum,” Acquia CEO Tom Erickson said. “With this new funding, we’re helping our customers maximize their business impact with our open cloud platform for integrated digital experiences.”
Acquia achieved its 20th consecutive quarter of revenue growth in Q1, and has more than 4,000 customers including Warner Music, Mercedes-Benz and Intel Corporation.
The company has hinted towards an IPO in several interviews over the past couple of years, and according to a report by BostInno, Acquia could hold its initial public offering as soon as 2014. This funding round certainly puts the company in strong financial footing should it plan to go public any time soon.
“Digital transformation is a boardroom conversation, and has driven the creation of new executive roles like the Chief Digital Officer and Chief Experience Officer,” Ravi Viswanathan, general partner at NEA said. “Digital requires an entirely different approach that unifies marketing, IT, commerce, and customer service. Acquia sits at the center of the digital transformation happening in the Global 2000. We’re proud to join a team that is leading the digital revolution.”
The Drupal hosting market has seen some investor interest as of late, with WordPress and Drupal hosting platform provider Pantheon raising $21.5 million to invest in product development and accelerate international growth.