Traverse Fund Portfolio Company Cloud Elements Acquired by UiPath
The acquisition is the first in 2021 for Mercato Partners' Traverse Fund
SALT LAKE CITY, March 26, 2021 /PRNewswire/ -- Today, Traverse, Mercato Partners' growth fund, announced the acquisition of Cloud Elements, by UiPath, a global leader in enterprise automation software for an undisclosed sum. Part of the Mercato Traverse Growth Fund III, Denver-based Cloud Elements specializes in API integration and management and complements UiPath's comprehensive portfolio of solutions.
"Cloud Elements has incredible technology, making API-based integrations fast and efficient. This latest step in their journey is the culmination of a great deal of vision and execution," said Josh Christensen, principal investor at the Traverse Fund and Cloud Elements board member. "CEO Mark Geene and the Cloud Elements team have worked tirelessly to pioneer a new and better way for companies to integrate with APIs. Their list of Fortune 500 clients and the acquisition by UiPath both serve to validate the breakthrough advantage of the Cloud Elements approach. We are very happy for the team and proud to have played a part in their story."
Founded in 2012, Cloud Elements recognized that APIs enable companies to integrate their software with other software and services from other companies. However, as the number of APIs increased, these integrations quickly became a burden for these companies to implement and maintain. Cloud Elements created a novel, virtualized API as the foundation for its users to connect to multiple applications, which in turn significantly reduces software developer time and cost to build and maintain API connections.
"Mercato has been with us since 2018, and they've been insightful partners," said Mark Geene, CEO and co-founder of Cloud Elements. "They really understood the unique challenges of building a cutting-edge tech company in a market like Denver. Josh and the members of the Traverse Performance Team were always there for our questions and projects. Their involvement really helped us get to where we find ourselves today."
About Traverse
Traverse is the growth fund at Mercato Partners, a multi-strategy investment firm which specializes in overlooked and underserved markets. Traverse leverages the breadth of its team's investing and entrepreneurial experience in these targeted geographies, providing both capital and operational guidance for rapidly scaling companies in the technology and branded consumer segments. For over a decade, Traverse has found, funded, and collaborated with high-growth companies to help them achieve transformative growth and long-term value for our investors. For more information, please visit www.traverse.mercatopartners.com.
About Cloud Elements
Cloud Elements brings harmony to the world of APIs, allowing software providers to innovate faster and plug into digital ecosystems. The company's one-to-many virtualized API integration platform enables developers to unify thousands of APIs, build common data models for core business functions, and reduce the pain, cost and complexity of integration. Founded in 2012, Cloud Elements is headquartered in Denver, Colo., and serves customers worldwide. More information can be found at www.cloud-elements.com.
About UiPath
UiPath has a vision to deliver the Fully Automated Enterprise™, one where companies use automation to unlock their greatest potential. UiPath offers an end-to-end platform for automation, combining the leading Robotic Process Automation (RPA) solution with a full suite of capabilities that enable every organization to rapidly scale digital business operations.
SOURCE Mercato Partners
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