CloudFrame closes Series A round led by Eldridge
NEW YORK–(BUSINESS WIRE)–CloudFrame, a software company that is bridging the mainframe innovation gap through the modernization of legacy technologies, today announced the closing of a Series A funding round led by Eldridge, with additional investments of Henry Kravis and individual members of the New York Angels.
The strategic investment will support CloudFrame’s growth as it provides large organizations with a phased, self-driving approach to transform mission-critical mainframe applications into cloud-native Java applications that significantly reduce operating costs.
CloudFrame received seed funding in 2019 and has since tripled its customer base. The company supports clients in the capital markets, banking, credit card, energy and telecommunications industries, helping them modernize core business applications that have hampered past attempts and vendors.
“Amid a declining COBOL-savvy resource pool, modernizing the mainframe is critical to business efficiency. Technology leaders need a flexible and controlled alternative to the traditional all-or-nothing migration solutions that exist today,” said Venkat Pillay, CEO of CloudFrame. “This latest investment, along with the collective expertise of our new and existing backers, positions us well to scale our business and help our growing customer base achieve their modernization journey.
According to Coleman Parkes Research, 74% of mainframe organizations have started a legacy system modernization project but failed to complete it. CloudFrame’s Relocate and Renovate products allow customers to control the migration process, dictate the pace of their transformation, and move COBOL applications off the mainframe according to scope, budget, and directional preferences. CloudFrame removes long test cycles, over-reliance on vendors, and the risks associated with a single seismic shift to cloud computing.
“CloudFrame enables enterprises to modernize their mainframe COBOL applications with immediate cost savings. This gives CIOs the ability to invest in modern infrastructure and allows them to take advantage of the decades of business rules built into most mainframes,” said Michele Trogni, operating partner at Eldridge. “We are thrilled to partner with a team that provides customers with a cutting-edge solution and a credible path from legacy technology systems. »
In addition to products that modernize and transform COBOL applications, CloudFrame’s self-contained customer support includes training and coaching resources, pre-migration sandbox builds, guaranteed functional and numerical accuracy, and full backward compatibility with sources. mainframe data storage, utilities and third-party products. and process the components for as long as necessary.
CloudFrame frees mainframe applications from COBOL, providing customers with automated, incremental, low-risk, low-cost ways to transform these applications into fully compatible, cloud-native Java. Our products give customers the control and ability to rapidly transform mainframe applications, completely removing dependency on vendors and fully enabling digital transformation. To learn more about CloudFrame, visit www.CloudFrame.com.
Eldridge invests in companies in the insurance, asset management, technology, mobility, sports and gaming, media and music, real estate and consumer sectors. The company seeks to build and grow businesses led by proven management teams who have demonstrated leadership and experience to scale a business. Eldridge is headquartered in Greenwich, Connecticut, with additional offices in Beverly Hills, New York and London. To learn more about Eldridge, please visit www.eldridge.com.