Cloud Technology Partners Completes $9M Funding Round

Cloud Technology Partners closed a $9.1 million financing round Tuesday that the company said will allow it to scale its sales, marketing and delivery capabilities.

The latest funding round, led by Oak Investment Partners and the Pritzker Group, brings the Boston-based cloud solution provider's total funding to $14 million. Early backers of Cloud Technology Partners also include State Street Bank, angel investors and company employees.

The company already has doubled its head count and completed more than 75 cloud projects in the past year for enterprise clients such as General Electric and other Fortune 500 firms, accelerating the adoption of public cloud services. Cloud Technology Partners was founded in 2010.

[Related: Cloud Technology Partners' PaaSLane Named An AWS Premier Technology Partner]

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"The demand for our cloud services and software has never been greater," Chris Greendale, founder and CEO, said in a statement. "We are well-positioned in a higher growth market and excited to continue to expand our reach and capabilities."

The company's signature product is PaaSLane, which helps companies migrate applications from on-premises servers to public cloud platforms, such as Amazon Web Services (AWS) and Google Cloud Platform. By diving deep into source code, the company said it can reduce migration time by 25 percent.

PaaSLane, which has been spun off into a separate business unit, was named an AWS Premier Technology Partner in June.

The offering can analyze applications to assess their cloud readiness, identify problems they would encounter on a selected platform, and give recommendations on how to improve functionality, cut back on duplication of efforts and scan for best-practice conflicts.

It helps solution providers quickly identify applications that can be moved seamlessly to the cloud, and understand potential roadblocks that could impede the migration of others.

Specifically, PaasLane's source code applies hundreds of rules developed by the company's research and development team, about 80 percent of which enforce best practices for modernizing and migrating applications.

When source code isn't available, the tool can decompile an application by analyzing the configuration and property files packaged with applications. PaaSLane ultimately delivers a cloud-readiness score for each application, along with a "red light/green light" analysis to inform solution providers attempting migrations.

The next step for PaaSLane, the company said in June, is to go from static to dynamic profiling, meaning the product will be able to analyze applications as they are running, providing even more information about their suitability for the cloud environment.

Cloud Technology Partners, as a whole, is working with many returning customers to prepare new sets of applications for migration to the cloud.