Minneapolis-based Perforce Software Inc. completed its acquisition of Redwood City, Calif.-based company Delphix, a test data management platform, after announcing its intent to purchase it last month. Specifics of the deal were not disclosed.
Perforce Software Inc. is a provider of solutions to enterprise teams requiring productivity, visibility and scale along the development lifecycle. Perforce's global footprint spans over 80 countries and customers include more than 75% of the Fortune 100. The addition of Delphix to Perforce Software would build on existing infrastructure and provide consumers with better data automation capabilities.
“Data is at the heart of how enterprises operate today and essential for successful software development, but accessing and managing that data is extremely challenging,” Jim Cassens, CEO of Perforce, wrote in a blog post announcing the acquisition last month. “Many teams do not have rapid access to solid, high-quality test data. Imagine something the size of a relational database, with all the data to collect and piece together to make it testable — this is both labor-intensive and very difficult to achieve. All that changes with Delphix.”
Delphix offers "programmable data infrastructure," which assists customers in automating, securing, moving, and accessing their data across multiple public clouds. The company experienced a surge in demand during the pandemic as businesses increasingly migrated their operations from on-premises data centers to the cloud. When current CEO Jedidiah Yueh took over in 2020 he turned the company’s customer focus to prioritize larger corporations, or those with annual revenues of $1 billion or more.
The purchase would also minimize overlap on a customer basis. According to Perforce, its system is used by 75% of Fortune 100 companies, while more than 30% of F100 companies use Delphix.
Delphix and Perforce Software did not respond to the Silicon Valley Business Journal’s request for comment.
Three years ago, Delphix aimed for an initial public offering after surpassing $100 million in annual revenue — one of the traditional milestones startups need to hit before going public.
At the time, Yueh said the company was profitable and didn’t “need a large funding event to grow the business.”
"We founded Delphix over 15 years ago to help companies automate data and accelerate digital transformation. Today, we enable data governance, compliance, and automation across the multicloud for many of the world's biggest brands," said Yueh in the companies’ original deal announcement. "As part of Perforce, we will be positioned to continue innovating and help more customers realize the strategic power of our data platform."
According to PitchBook Data, the company at the time of the acquisition employed a little over 600 employees and was last valued by investors at $1 billion. The company said it had an annual growth rate of over 85% in 2021 — the year it planned to go public — which are the latest figures available.
Delphix’s backers included Andreessen Horowitz, Lightspeed Venture Partners, Battery Ventures, Incon Ventures, and Francisco Partners, among others.
