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Systems
10 Dec 2024 | 8
Scality bags $60M for Zenko?
Well, Scality needs more funding. I don't think the $60M will be for Zenko. Mr. Lecat enumerated who the company is competitively engaged with but conveniently omitted Scality's win rate for the engagements. It seems meaningless to mention them at all if you are not going to use it to brag about Scality. Mr. Lecat removed the COO and CMO at Scality this year claiming those C-suite positions were no longer necessary. Then we learned about HPE cutting a side deal with Cloudian in EMEA which is right on Scality's home turf. HPE did that after it dropped $10M on Scality a couple of years ago to find out if the company was worth buying. Along with the $60M in new funding Mr. Lecat is hoping for an IPO in 2023 when he was looking do that IPO right about now or in 2019. The truth is Scality's revenue is not what it should be to do an IPO. So, the most reasonable use for the $60M is to build a worldwide sales and marketing organization to get more market share, close sales (win rate again) and boost revenue to get to an IPO so the investors can have their payday. By comparison, Cleversafe had received approx. $128M in funding when IBM wrote a check for $1.3B to buy Cleversafe in November 2015. With $150M in funding, Scality could be bought for $1.5B if there was a buyer and it won't be HPE. That leaves Cisco and Lenovo in the enterprise-class storage market without an object-based storage software to call their own. So far none of the established object-based storage software companies has been able to do an IPO. There are only the ones that are still non-public and the ones that got bought by public companies. $60M for Zenko doesn't sound logical even if "multi-cloud" really is the next "big thing" in data storage management.
Biting the hand that feeds IT
