New York-based IT infrastructure services giant Kyndryl announced Monday that it acquired Skytap, a Seattle-based company founded 17 years ago that sells cloud migration software. Terms of the deal were not disclosed.
Skytap helps companies run traditional on-premise systems such as IBM Power in Microsoft Azure or IBM Cloud. Customers include Honeywell, CA Technologies, and Okta.
Skytap raised $18 million from Vistara Growth in October. Goldman Sachs, Madrona, Ignition Partners, and even Amazon founder Jeff Bezos previously invested.
The company is led by CEO Bradley Schick, who took over in 2019 and previously founded Wegos, a web application startup.
We’ve followed up with Kyndryl to learn more about impact on Skytap’s workforce. The company has around 70 employees in the Seattle area, according to LinkedIn.
Kyndryl, which spun off from IBM in 2021, said the acquisition will boost its hybrid cloud services portfolio.
Kyndryl last week reported revenue of $3.8 billion for its most recent quarter, which was down 10% year-over-year but exceeded analyst expectations. The company also cut losses substantially from the year-ago period. Shares were up nearly 30% last week.
Kyndryl also announced Monday that it agreed to divest its transaction processing platform for the securities brokerage industry in Canada, known as Securities Industry Services (SIS).
https://ift.tt/WpJDkTb May 13, 2024 at 03:06PM GeekWire
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