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The price paid for Akorri Networks Inc. of Littleton by California giant NetApp Inc. has been revealed to be $60 million now that the deal has closed. Akorri raised just under $60 million from investors since its 2005 launch.
According to a news release by NetApp, one reason for the acquisition was that Akorri essentially doubled its customer base in 2010. The company started life as a fairly conventional developer of storage software, but it changed a few years ago to target specifically the virtual infrastructure space and has gained traction with its BalancePoint software.
Akorri most recently raised a $10.1 million Series E round in March 2010, led by new investor Montagu Newhall Associates. Additional investors have included Matrix Partners and North Bridge Venture Partners, both in Waltham; Bluestream Ventures, a Minnesota venture capital firm; and Globespan Capital Partners, a Boston firm.
Almost one year ago, Akorri president and CEO Allan Wallack speculated that the company would grow toward an IPO and planned on acquisitions of its own.
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