ParkMyCloud CEO and co-founder Jay Chapel disclosed the deal in a blog post, calling the deal great news for ParkMyCloud’s customers, partners, and team. Chapel asserted:
“Since day one, we at ParkMyCloud have been optimizing costs for public cloud customers through automation. Like Turbonomic, we share a passion for analytics-driven automation, which our platform applies by helping cloud customers to reduce costs by 65%, improve governance, and save time by eliminating manual tasks — all while being easy to use and adopt. Our two organizations have these goals in common for cloud users, and by bringing ParkMyCloud onboard, Turbonomic has validated our mission and is enabling us to do even more for our customers.”
Neither Turbonomic nor ParkMyCloud disclosed post-deal headcount plans, though Chapel indicated that Turbonomic will continue backing the ParkMyCloud team.
ParkMyCloud built several key relationships ahead of the deal.. In September 2018, the company partnered with CloudHealth Technologies (which was being acquired by VMware at the time), integrating CloudHealth’s governance capabilities and ParkMyCLoud’s automated cost control features.
Turbonomic was founded in 2009 as VMTurbo and then rebranded under its current name in August 2017. Around the same time, there were rumors that Cisco was interested in buying the Boston-based firm.
Turbonomic has expanded its partner engagements on multiple fronts -- earning multiple AWS Competencies and a Microsoft Co-Sell Ready Status partner. In March 2019, the company released a new Systems Integrators path to help its partners with cloud adoption and optimization.
Turbonomic’s financial backers have included such venture firms like Bain Capital Ventures, General Atlantic, Globespan Capital Partners, Highland Capital Partners, and Iconiq Capital.
Cloud Cost Management: M&A
Meanwhile, multiple cloud cost management tools have earned buyout honors over the past couple of years. Example deals include:
Most of the major public cloud providers are either building or acquiring additional cloud cost management tools. But Turbonomic and other third parties may provide the safest guarantee for cross-cloud and multi-cloud management tools.