Web-software Seller Acquia Raises $55 Million, Staying Private for Now [Sept. 28, 2015]
By Curt Woodward
One of Boston’s larger private tech companies is staying private for a while longer.
Acquia, which sells website-building software to business and government customers, has raised a $55 million investment round to help it bankroll sales, marketing, and product development.
The new private financing indicates that Acquia isn’t on the verge of filing for an initial public offering of its stock, a step the company has publicly contemplated for some time now.
Chief executive Tom Erickson said Acquia still plans to go public someday, but with private capital readily flowing into tech companies, the benefits of remaining private made the decision easy.
“Money is out there,” Erickson said. “It allows us the flexibility on that journey of becoming a public company, and deciding when we want to do that. That’s the key.”
Acquia has now raised nearly $189 million from private investors since it was founded in 2007, including a $50 million investment round last year. The company reported more than $100 million in revenue last year, and has more than 700 employees worldwide. It said it does not discuss profitability.