Development, a Boston area developer tool company, enhanced its offerings in a huge method today when it announced it was getting software automation platform Chef for$220 million. Chef, which went 100%open source in 2015, had annual recurring revenue(ARR )of$ 70 million from the commercial side of the house. Needless to state, Development CEO Yogesh Gupta mored than happy to bring the company into the fold and gain not only that income, but a set of highly knowledgeable employees, a strong designer neighborhood and an outstanding customer list. Gupta said that Chef fits with his company’s acquisition approach.”

This acquisition perfectly aligns with our development method and fulfills the requirements that we have actually previously set out: a strong repeating profits model, technology that matches our company, a devoted customer base and the ability to take advantage of our operating model and infrastructure to run the business more efficiently,”he stated in a declaration. Chef CEO Barry Crist provided a typical argument for a gotten company

, that Development offered a much better path to future growth, while sending out a message to the open source community and customers that Progress would be a good steward of the start-up’s vision.”For Chef, this acquisition is our next chapter, and Development will help improve our development potential, support our Open Source vision, and provide broader opportunities for our customers, partners, employees and neighborhood,”Crist said in a statement. Chef’s client list is certainly remarkable consisting of tech market stalwarts like Facebook, IBM and SAP, along with non-tech business like Nordstrom, Alaska Airlines and Capital One

. The company was established in 2008 and had raised$105 million. according to Crunchbase information. It hadn’t raised any funds given that 2015 when it raised a$40 million Series E led by DFJ Growth. Other financiers along the method

included Battery Ventures, Ignition Partners and Scale Venture Partners. The deal is anticipated to close next month pending typical regulative approvals. Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.