One of the largest European software companies is buying up the remainder of the outstanding ownership stake in a Cambridge-based startup NuoDB.
Dassault Systèmes, a French 3-D design software company with a local office in Waltham, said on Wednesday it is acquiring the reminder of the equity of the Cambridge-based database provider.
Dassault Systèmes, which already had a 16% ownership interest in NuoDB, was the leading investor in NuoDB's funding round in 2014. The deal is expected to close next month.
NuoDB, which had revenues of about $6 million last year, has 85 employees who will be joining Dassault Systèmes workforce of more than 20,000 people, according to Greg Sabey, Dassault Systèmes PR and communications senior manager for North America. Terms of the deal were not disclosed.
Founded by database architect Jim Starkey and Barry Morris in 2010, NuoDB provides a cloud-native distributed SQL database. The company's technology received its first patent in 15 months from the U.S. Patent & Trademark Office, according to NuoDB.
The startup was among the tech companies that laid off staff in the early days of the Covid pandemic. In April, 20 people were let go from NuoDB, leaving the company with 50 full-time employees.
Florence Hu-Aubigny, executive vice president for research and development at Dassault Systèmes, said in a statement that Dassault Systèmes began its partnership with NuoDB in 2013.
"This announcement marks an exciting new phase in our partnership and creates significant opportunities for NuoDB," Bob Walmsley, who has been CEO of NuoDB since 2015, said in a statement. “With our combined, expanded resources, we can accelerate our product development to realize the unique contribution of multi-cloud, distributed SQL database as a service that will power strategic customers.”
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