Acquisition of RapidIT-Cloudbera, Inc.
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03 July 2023
Kainos Group plc
("Kainos" or the "Company")
Acquisition of RapidIT-Cloudbera, Inc.
Kainos Group plc (KNOS), a UK-headquartered IT provider with expertise across three divisions - Digital Services, Workday Services, and Workday Products, today announces the acquisition of RapidIT-Cloudbera, Inc. ("RapidIT-Cloudbera").
Established in 2017, RapidIT-Cloudbera is the creator of Genie, a Workday-focused automated testing product which has the ability to rapidly auto-generate test cases, allowing customers to quickly launch their automated testing efforts. Genie is used by over 100 organisations to streamline their testing activity.
Kainos will combine Genie with its own market-leading automated testing product, Smart Test, which will provide customers the ability to achieve greater compliance and quality assurance - more quickly, with less internal effort and with increased testing coverage. Integration of the products is due to complete during Kainos' current financial year.
In its most recent results, Kainos re-confirmed its ambition for the Smart products suite, which includes Smart Test. Reporting Annual Recurring Revenue (ARR) of £49m at 31 March 2023, the Smart products suite is forecast to achieve £100m ARR by 2026.
RapidIT-Cloudbera is headquartered in Atlanta, US, and has operations in the US and India employing 101 people. The team at RapidIT-Cloudbera will join the Kainos Workday Products division.
The terms of the acquisition have not been disclosed.
Brendan Mooney, CEO of Kainos, commented:
"We are delighted to welcome our new colleagues from RapidIT-Cloudbera. The skills, expertise and creativity of our expanded team will allow us to accelerate our product development, increasing the functionality of our existing products and allowing us to quickly bring new products to market - it is a winning combination."
Gopo Velagundula, CEO of RapidIT-Cloudbera commented:
"The automated testing market for Workday is growing rapidly and by combining our two products we are creating the undisputed global leader for automated testing. The combination also represents fantastic news for our customers, increasing the scale and value of what we can do to support their compliance efforts."
Malachy Smith, Workday Products Director at Kainos:
"When we launched Smart Test in 2013 we created the market for the automated testing of Workday and it has been incredibly exciting to be at the forefront of this market for the past ten years. The combination of Smart Test and Genie further enhances our position in this high growth market and allows us to look beyond our £100m ARR target."
Ends
For further information, please contact:
Kainos via FTI Consulting LLP
Brendan Mooney, Chief Executive Officer
Richard McCann, Chief Financial Officer
Investec Bank plc +44 20 7597 5970
Patrick Robb / Ben Griffiths
FTI Consulting LLP +44 20 3727 1000
Matt Dixon / Dwight Burden / Kwaku Aning
About Kainos
Kainos Group plc is a UK-headquartered IT provider with expertise across three divisions: Digital Services, Workday Services, and Workday Products.
· Digital Services develops and supports custom digital service platforms for public sector, commercial, and healthcare customers. Our solutions transform the delivery of these services, ensuring they are secure, accessible, and cost-effective, and provide better outcomes for users.
· Workday Services specialises in the deployment of Workday, Inc.'s Finance, HR and Planning products to leading organisations across Europe and North America. We are one of Workday's most respected partners, experienced in complex deployment and trusted by our customers to launch, test, expand, and support their Workday systems.
· Workday Products develops products that complement Workday. Our Smart product suite, including Smart Test (for automated testing), Smart Audit (for compliance monitoring), and Smart Shield (for data masking), are used by more than 350 customers globally to safeguard their Workday systems.
Our people are central to our success. We employ more than 2,900 people in 22 countries across Europe and the Americas.
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