NetApp to Acquire CloudCheckr and Expand its Spot by NetApp CloudOps Platform to Enable Organizations to Better Optimize and Secure Their Multi-Cloud Infrastructure

Rhea-AI Summary

NetApp has signed a definitive agreement to acquire CloudCheckr, a cloud optimization platform. While financial details remain undisclosed, the acquisition aims to enhance NetApp’s cloud offerings by integrating CloudCheckr's cost visibility and management features with Spot by NetApp’s capabilities. This strategic move addresses growing challenges in cloud cost management for organizations and enhances NetApp's position in the FinOps sector. The combination is expected to accelerate cloud application deployment and optimize costs for enterprises.

Positive

• Acquisition of CloudCheckr expands Spot by NetApp's capabilities.
• Enhances cost visibility and management in cloud services.
• Addresses significant challenges in cloud cost management for organizations.
• Strengthens NetApp's position in the FinOps market.

Negative

• Financial details of the acquisition are not disclosed.
• Integration challenges may arise post-acquisition.

SAN JOSE, Calif.--(BUSINESS WIRE)-- NetApp® (NASDAQ: NTAP), a global, cloud-led, data-centric software company, today announced that it has signed a definitive agreement to acquire CloudCheckr, a leading cloud optimization platform that provides cloud visibility and insights to lower costs, maintain security and compliance, and optimize cloud resources. Financial details of the transaction are not being disclosed.

As private and public sector organizations together with managed service providers have deepened investments in cloud services over the last few years, cloud cost has emerged as an obstacle to a company’s acceleration to cloud. This acquisition extends Spot by NetApp’s leading FinOps offerings by combining critical cost visibility and reporting from the CloudCheckr platform with continuous cost optimization and managed services from Spot by NetApp. Bringing these capabilities together will enable organizations to better understand and continuously improve their cloud resources and realize the benefits of cloud faster and at scale.

NetApp continues to invest in the innovation and growth of the Spot by NetApp portfolio as a core component of its cloud strategy. The acquisition of CloudCheckr complements and expands the Spot by NetApp portfolio to create an industry leading suite of CloudOps services, and builds on the company’s recent acquisition of Data Mechanics. With CloudCheckr, the Spot by NetApp portfolio will offer comprehensive cost visibility, analytics, management, and optimization to help enterprises and managed service providers continuously control their cloud infrastructure resources.

“Managing costs while accelerating cloud applications is a significant challenge for organizations as they work to maximize the ROI of their cloud investments, all while running at cloud speed,” said Anthony Lye, executive vice president and general manager of NetApp’s Public Cloud Services business unit. “By adding cloud billing analytics, cost management capabilities, cloud compliance and security to our CloudOps platform through the acquisition of CloudCheckr, we are enabling organizations to deploy infrastructure and business applications faster while reducing their capital and operational costs. This is a critical step forward in our FinOps strategy as well as an acceleration of our overall CloudOps leadership. Simply put, NetApp continues to empower customers to achieve more cloud at less cost.”

“The combination of Spot by NetApp and CloudCheckr will create a suite of highly complementary and synergistic multi-cloud infrastructure management solutions for our customers and partners,” said Tim McKinnon, CEO of CloudCheckr. “The CloudCheckr team is thrilled to be joining NetApp, and to help advance the company’s leadership in the FinOps space.”

Additional Resources

• Read the blogs:
  • https://www.netapp.com/blog/spot-by-netapp-and-cloudcheckr-continued-commitment-more-cloud-less-cost/
  • https://spot.io/blog/building-a-comprehensive-finops-journey

• Learn more about CloudCheckr: https://cloudcheckr.com

About NetApp

NetApp is a global, cloud-led, data-centric software company that empowers organizations to lead with data in the age of accelerated digital transformation. The company provides systems, software and cloud services that enable them to run their applications optimally from data center to cloud, whether they are developing in the cloud, moving to the cloud, or creating their own cloudlike experiences on premises. With solutions that perform across diverse environments, NetApp helps organizations build their own data fabric and securely deliver the right data, services and applications to the right people—anytime, anywhere. Learn more at www.netapp.com or follow us on Twitter, LinkedIn, Facebook, and Instagram.

NETAPP, the NETAPP logo, and the marks listed at www.netapp.com/TM are trademarks of NetApp, Inc.

"Safe Harbor" Statement Under U.S. Private Securities Litigation Reform Act of 1995

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements regarding the expected benefits of the transaction, descriptions of NetApp's future strategy and its impact on customers. Actual results, including with respect to NetApp's business prospects, could differ materially due to a number of factors, including but not limited to: NetApp’s ability to successfully integrate the acquired personnel and assets, the response to the acquisition by the customers, employees, and partners; actual benefits of the transaction to customers and partners; the ability to retain key personnel; and NetApp's ability to realize its broader strategic and operating objectives. These and other equally important factors are described in reports and documents we file from time to time with the Securities and Exchange Commission, including the factors described under the section titled "Risk Factors" in our most recently filed reports on Form 10-Q and 10-K. We disclaim any obligation to update information contained in this press release whether as a result of new information, future events, or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211004005187/en/

Press Contact

Chris Drago

NetApp PR

831.900.8889

chris.drago@netapp.com



Investor Contact

Lance Berger

NetApp IR

+1 408-822-6628

lance.berger@netapp.com

Source: NetApp

FAQ

What is the purpose of NetApp's acquisition of CloudCheckr?

The acquisition aims to enhance cloud cost visibility and management capabilities within NetApp's offerings, addressing challenges organizations face in optimizing cloud expenditure.

What does the acquisition of CloudCheckr mean for NetApp's stock NTAP?

The acquisition could positively impact NTAP by strengthening its cloud offerings, potentially driving revenue growth through enhanced services.

When did NetApp announce the acquisition of CloudCheckr?

NetApp announced the acquisition on October 4, 2023.

How will CloudCheckr's platform benefit NetApp customers?

CloudCheckr will provide improved cost visibility and analytics, enabling customers to manage cloud infrastructure more effectively and reduce operational costs.