Ericsson Buys Majority Stake In Apcera - Quick Facts

(RTTNews) - Apcera Monday said Ericsson (ERIC) has acquired a majority stake in the company. Ericsson also made a significant commitment to fund future operations and fuel growth and sales channel expansion.

The all-cash deal is expected to close in the fourth quarter and marks the most significant investment to date in deploying the next generation of PaaS technology.

Apcera will retain its name and operate as a standalone company. Founder and CEO Derek Collison will continue as CEO. The company plans to immediately accelerate hiring as it prepares for expected growth.

Apcera's flagship product is Continuum, a platform that deploys, orchestrates and governs a diverse set of workloads, either on premise or in the cloud.

The company was founded in 2012, with investment from True Ventures, Kleiner Perkins Caufield & Byers, Rakuten, Andreessen Horowitz and Data Collective.