NEW YORK--(BUSINESS WIRE)--CloudFrame, a software company bridging the mainframe innovation gap through modernization of legacy technologies, today announced the closing of a Series A funding round led by Eldridge, with additional investments from Henry Kravis and individual members of New York Angels.
The strategic investment will support CloudFrame’s growth as it supplies large organizations with an incremental, self-directed approach to transforming mission-critical mainframe applications into cloud-native Java applications that drastically lower operating costs.
CloudFrame received Seed Funding in 2019 and has since tripled its customer base. The Company supports customers across the Capital Markets, Banking, Credit Card, Energy, and Telecom industries, helping them modernize core business applications that have stymied past attempts and vendors.
“Amid a declining pool of COBOL-fluent resources, mainframe modernization is critical to enterprise efficiency. Technology leaders need a flexible and controlled alternative to the traditional all-or-nothing migration solutions that exist today,” said Venkat Pillay, Chief Executive Officer of CloudFrame. “This latest investment, as well as the collective expertise of our new and existing backers, positions us well to scale our business and help our growing customer base realize their modernization journey.”
Seventy-four percent of mainframe organizations have started a legacy system modernization project but failed to complete it, according to Coleman Parkes Research. CloudFrame’s Relocate and Renovate products allow customers to control the migration process, dictate the tempo of their transformation, and move COBOL applications off the mainframe in line with scope, budget, and directional preferences. CloudFrame removes long testing cycles, vendor overdependency, and the risks associated with a single seismic shift to cloud computing.
“CloudFrame enables businesses to modernize their mainframe COBOL applications delivering immediate cost savings. This gives CIO's the capacity to invest in modern infrastructure and enables them to leverage the decades of business rules built into most mainframes” said Michele Trogni, Operating Partner at Eldridge. “We are excited to partner with a team that offers their customers a cutting-edge solution and a credible path from legacy technology systems.”
In addition to products that modernize and transform COBOL applications, CloudFrame’s self-directed client support includes education and coaching resources, pre-migration sandbox builds, guaranteed functional and numeric precision, and full backwards compatibility to mainframe data sources, utilities, third-party products and processing components for as long as required.
CloudFrame frees mainframe applications from COBOL, giving customers automated, incremental, low-risk, low-cost ways to transform those applications into fully supportable cloud-native Java. Our products give customers control and the ability to transform mainframe applications quickly, removing vendor dependency completely and fully enabling digital transformation. To learn more about CloudFrame, visit www.CloudFrame.com.
Eldridge invests in businesses across the Insurance, Asset Management, Technology, Mobility, Sports & Gaming, Media & Music, Real Estate, and Consumer landscapes. The firm seeks to build and grow businesses led by proven management teams that have demonstrated leadership and experience to scale an enterprise. Eldridge is headquartered in Greenwich, Connecticut, with additional offices in Beverly Hills, New York, and London. To learn more about Eldridge, please visit www.eldridge.com.