Drupal product provider Acquia announced on Tuesday that it has closed on a massive funding round worth $50 million that’s rumored to be powering its path to IPO.
Led by new investor New Enterprise Associates, the fresh financing brings the company’s total investment to $118.6 million. Also participating in the round are new investor Split Rock Partners, as well as existing investors North Bridge Venture Partners, Sigma Partners, Investor Growth Capital, and Tenaya Capital.
Acquia stated that it will use the funding to “scale its sales and marketing, increase investments in the channel” as well as “double down on key growth areas including big data marketing, personalized engagement, and commerce.”
In 2013, the Burlington, Mass. company cited revenue growths of 50 percent, hitting its record revenue of $68 million. Acquia’s CEO Tom Erickson went on record in March that the firm didn’t have a set date for its initial public offering, but that Acquia was reaching the point where it was large enough to consider it.
Interestingly, Acquia added a new CFO well-versed in IPOs just last week. Now manning the firm’s books is Bill Sorenson, who helped drive Qlik Technologies and Blade Logic through their initial public offerings.
Acquia is among the Boston tech companies, including HubSpot and Wayfair, expected to post an IPO sometime in 2014.
