Pivotal Scores $253 Million Series C

 

SAN FRANCISCO — Pivotal, the company accelerating digital transformation for enterprises, has closed a Series C financing round highlighted by $253 million in new cash, led by new investor Ford Motor Company, in conjunction with Microsoft and all previous investors GE, EMC, and VMware. The deal is expected to close in May 2016.

On the heels of its three-year anniversary, Pivotal continues to see widespread and growing demand from enterprises looking to use software to transform their businesses. The company now works with seven of the top 10 U.S. banks, three of the top five global auto manufacturers, and five of the top 10 telecommunication companies, validating Pivotal’s unique value proposition of delivering a modern software development methodology coupled with a robust cloud platform and data tools. The Pivotal approach enables enterprises to build and operate software at startup speeds and to deliver new experiences to their customers.

This funding follows major company milestones, including:

  • Recently announced first-quarter 2016 revenue of $83 million, up 56% year over year
  • Annualized recurring revenue (ARR) of $116 million at March 31, 2016, up more than 200% year over year for Pivotal’s subscription software products—Pivotal Cloud Foundry and Pivotal Big Data Suite
  • Pivotal Cloud Foundry and Pivotal Big Data Suite having crossed the $200 million and $100 million annual bookings run-rate milestones, respectively
  • Over 2,000 employees and 17 offices worldwide

Pivotal works with nearly one-third of the Fortune 100 companies, including industry leaders such as GE, Ford, Verizon, Home Depot, Comcast, Humana, Lockheed Martin, and Allstate, each using Pivotal’s products and services to digitally transform their businesses and disrupt established markets.

“Here at Pivotal we are partnering with customers to create a world where the largest and most admired companies can build and run software like Google, Uber or any venture-backed startup. This investment will accelerate our global reach to bring our unique software development methodology and modern cloud platform and analytics tools to every forward-thinking CEO,” said Rob Mee, Pivotal CEO. “We are excited to announce Ford and Microsoft as strategic partners to help introduce Pivotal’s transformative cloud and analytics software to the next thousand customers.”

From personalized healthcare to networked industrial machines to the connected car, the largest enterprises in key industry verticals such as automotive, banking, telecommunications, insurance, retail, and many more are building radical new experiences on top of Pivotal technology.

“Pivotal Cloud Foundry provides the foundation for Predix, GE’s Industrial Internet platform,” said Bill Ruh, CEO, GE Digital. “Using this modern cloud software allowed us to quickly build and scale our platform—and since opening for general availability in February, more than 8,500 developers have joined the Predix community.”