Traverse Fund Portfolio Company Cloud Elements Acquired by Uipath
The Acquisition Is the First in 2021 for Mercato Partners’ Traverse
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.”
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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.
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“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.
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