Wednesday, 21 April 2021 11:11

Octopus Deploy seals US$172.5M investment deal from Insight Partners "to tame complex enterprise software developments"

By Kenn Anthony Mendoza

Global investment firm Insight Partners has invested US$172.5M for a minority stake in Octopus Deploy, which has been “continuously profitable since 2012.” This is the first venture funding that Octopus Deploy has accepted.

Insight Partners, which presents itself as “a leading global software ScaleUp investor”, has invested US$172.5M in Brisbane-based continuous delivery and deployment automation company Octopus Deploy

According to Octopus Deploy, it is “taking its first outside investment after eight years of strong organic growth and profitability in which it expanded its expertise in enterprise go-to-market and deepened its enterprise footprint.”

Paul Stovell, founder and CEO said: “When I started Octopus, I was obsessed with deployments and making software releases easier for teams. I was a huge believer in the power of Continuous Integration (CI) and Continuous Delivery (CD) but frustrated that so much of CD in the wild ended with code that compiled and passed unit tests but wasn’t deployed anywhere.

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“Most software teams can set up a CI server rather easily, but many of them struggle to achieve full CD, because deployments were—and still are—the hardest part of software delivery pipelines,” he noted.

Octopus Deploy began in 2011 “as a nights-and-weekends project for software developer Paul Stovell and his wife Sonia”, but quickly grew the following year. Since then, the company has made “profits consistently—now employing more than 100 people—while remaining highly profitable and self-funded.”

Stovell was convinced that “Insight Partners made a compelling case and felt it was the right investor for Octopus Deploy", and claimed “as their products evolved, the enterprises have become our fastest-growing segment.”

“On the product side, we found we have a compelling solution for enterprises looking to create consistency in how they deploy software. But as an R&D-centric company, enterprise go-to-market didn’t come particularly naturally to us, so traction to date has been organic”, he explained.

“As we got to know Insight Partners, it was clear that they will be a great help as we grow and scale our sales and enterprise go-to-market”, he added.

Michael Triplett, Insight Partners Managing Director, said it “was incredibly rare to have the opportunity to invest in an entirely bootstrapped best-of-breed software company.

“We routinely talk to our portfolio companies about the products they use or what their customers are using and Octopus Deploy came up over and over”, he noted.

Triplett says the “company has flown under the radar, but when talking to customers, they are huge fans.”

According to him, “Octopus is the leader in enterprise deployment automation.”

“As a firm with deep expertise in best-of-breed enterprise software, we are excited to bring the full force of Insight’s ScaleUp specialists to help Octopus in this next stage of growth, and we are very pleased to be making this investment”, he concluded.

Octopus Deploy automates complex software deployments. Its approximately 100-person staff are primarily based in Australia, with contingents in the US and the UK. It has followed a product-led growth model where staff are heavily weighted to engineering, product and support, and the company’s growth has been powered by organic adoption within the software development community.

The 25,000 organizations using Octopus Deploy include 35 Fortune 100 companies and enterprise organizations such as Disney, NASAStackOverflow, Xero and Microsoft.

The company has "embraced a remote-first work culture from day one. The staff are encouraged to design their work to maximize personal productivity. Octopus Deploy will shortly open its first large office in Brisbane."

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