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Skytap

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Enabling enterprises to migrate traditional applications unchanged and then modernize those apps at their own pace

Seattle, United StatesFounded 2006Consumer Services
Valuation $25–50M Last recorded · 2024
Headcount <100 Current team size
Total funding $100–500M Disclosed equity funding
Unlock exact values This page shows ranges. Dealroom has the exact numbers for Skytap and the history behind them.

About Skytap

Skytap, founded in 2006 by a group including Brian Bershad, Brad Fitzpatrick, and Hank Levy, emerged from a University of Washington computer science project. The company's initial focus was on creating virtual environments for software development and testing, a direction heavily influenced by the founders' deep backgrounds in computer science and operating systems. Over the years, Skytap has secured significant funding, including a $45 million round in 2017, to expand its engineering, sales, and marketing efforts, solidifying its position in the enterprise cloud market. A pivotal moment in its history occurred in March 2023 when it was acquired by Kyndryl, the world's largest IT infrastructure services provider, a move designed to enhance Kyndryl's mainframe modernization services.

The firm operates as an Infrastructure-as-a-Service (IaaS) provider, specializing in migrating complex and traditional enterprise applications, often referred to as 'brownfield' applications, to the public cloud without requiring extensive refactoring or rewriting. Skytap's core service allows businesses to run legacy workloads, such as those on IBM Power systems (AIX, IBM i), in major public clouds like Microsoft Azure and IBM Cloud. This capability addresses a critical need for large enterprises that rely on business-critical applications but struggle to modernize them due to their complexity and dependencies on specific, on-premises hardware. The business model is consumption-based, where clients pay for the cloud resources they use, enabling them to shift from a capital expenditure model for hardware to an operational expenditure model.

Skytap's platform essentially creates a 'cloud within a cloud,' mirroring the on-premises data center environment, including networking and storage configurations. This allows for a 'lift and shift' migration approach that significantly accelerates the journey to the cloud for applications that were not originally designed for it. Key features include the ability to create, clone, and suspend entire application environments in seconds, which drastically improves the efficiency of development, testing, and training cycles. Furthermore, the service provides self-service access to these environments, empowering development teams and reducing their reliance on centralized IT. By moving these specialized workloads to the cloud, Skytap enables clients to leverage the scalability and agility of public cloud infrastructure while extending the life and value of their existing, mission-critical applications.

Source: Dealroom company data

At a glance

Status
Acquired
Founded
2006
Headquarters
Seattle, United States
Employees
103
Open positions
None listed
Dealroom signal
65.3/100
Industry
Media
Sub-industry
Publishing
Sector
Consumer Services, Testing, User Behavior, Spinout, Cloud Computing
Client focus
b2b

Funding history

10 recorded events

Company financing events and reported valuations.

Deal typeDateAmountValuationInvestorsSource
ACQUISITIONOther financing May 2024 $0 — Kyndryl ↗
LATE VCOther financing Oct 2023 $18M $225M Insight Partners · Goldman Sachs · Vistara Growth · Madrona Venture Group ↗
Showing the latest 2 of 10 recorded eventsBook a demo for the full funding history →

Growth signals

Skytap website traffic

Latest recorded traffic for Skytap is 79K monthly website visits, up 23.4% over the last three months. Skytap's team declined 11.2% over the past year.

Latest monthly visits79K 3-month web change+23.4% 1-year team growth-11.2%
Summary metrics are public; monthly history is available with a demoCompare with peers →

Investments and acquisitions

Capital deployed

Recent portfolio relationships for companies that also act as investors or acquirers.

Investors

11 investors on the cap table

From Dealroom's funding and investor records, grouped by the round each investor first entered.

Series A4 investors entered at this stage

Series B and later5 investors entered at this stage

Other known investors2 additional known investors

  • Kyndryl
  • University of Washington
Team profiled 54 named & role-tagged
Founders Hidden — book a demo/100 quality score
Key operators 6 quality Hidden — book a demo/100
Potential founders Hidden — book a demo likely future founders
Startup mafia Hidden — book a demo alumni-founded startups
Talent movements Hidden — book a demo in · Hidden — book a demo out past 12 months

Source: Dealroom Talent Intelligence.

Global footprint

Workforce and web traffic by country
Workforce by country
6 countries with
team presence
🇺🇸 United States76.1%
🇮🇳 India14.9%
🇬🇧 United Kingdom3%
🇸🇬 Singapore3%
🇨🇦 Canada1.5%
Top 5 of 6 shown

Market sentiment

Posts on X, past 7 days

An AI-synthesised read of the highest-engagement posts about Skytap on X, ranked by likes and reposts, corporate channels excluded.

Reading the room on X — pulling top posts and synthesizing themes…

Source: X recent search ranked by engagement (likes + retweets) · Synthesis by Claude · Cached for 1 hour

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