Commercial open source software company Acquia may soon have to describe itself with a capitalised and bolded COMMERICIAL given the firm’s ascendancy from initial start up phase to its current financial status.
By submitting your email address, you agree to receive emails regarding relevant topic offers from TechTarget and its partners. You can withdraw your consent at any time. Contact TechTarget at 275 Grove Street, Newton, MA.
The firm, which provides products, services, and technical support for the open source Drupal social publishing system has raised over £18 million (US $30 million) in what is described as “Investor Growth Capital” as well as venture capitalism funds in order to finance its expansion.
Acquia co-founder and Drupal creator Dries Buytaert is quoted on Reuters saying that his firm is at a stage where it is seeing “tremendous growth” just now.
How would you spend it?
What does an open source firm do when it raises this much capital?
Buytaert says that Acquia’s next moves will be to invest in sales and marketing alongside a push towards research and development to create and produce new products.
Expansion in Europe and Asia is also reportedly on the cards.
“There seems to be a big shift from funding consumer Internet companies to enterprise Internet companies. It seems enterprise software is sexy again,” Buytaert told Reuters, in a telephone interview.
The firm has been ranked as one of the 10 fastest growing software companies in America and has now raised a total of £42 million ($68.5 million) from the likes of Goldman Sachs, Accolade Partners and Tenaya Capital.