Delphix Acquisition, Valuation, Funding & Investors

Delphix was acquired by Perforce Software in February 2024.

Delphix acquisition price

Undisclosed

Acquired by Perforce Software · Feb 2024

Delphix revenue

$100M

Series D · Jul 2015

Cumulative funding Delphix raised

$75M

across 1 funding round

Key investors in Delphix

  • Lightspeed Venture Partners
  • Greylock
  • Fidelity
  • Icon Ventures
  • The Kraft Group
  • Credit Suisse NEXT Investors

Delphix Overview

About Delphix

Delphix is a Redwood City-headquartered data management company founded in 2008 that delivers a DataOps platform for virtualizing databases and applications. It supports mainframes, Oracle, SQL Server, ERP systems like SAP, and Kubernetes containers with self-service data delivery, masking, and compliance controls. Delphix enables DevOps teams at Fortune 500 firms including Barclays and Pfizer to provision test environments in minutes, cutting storage costs by 90 percent through continuous data sub-setting.


Founded

2008

HQ

United StatesSan Francisco, CA

Status

Acquired

Customer focus

B2B

Revenue model

Subscription

Revenue

$100M (Jul 2015)

Valuation

$981M (Jul 2015)

Delphix Acquisition

Delphix was acquired by Perforce Software for an undisclosed price on 13 February 2024.

Before the acquisition Delphix had raised $75M across 1 funding round.

Delphix, a Redwood City, California-based provider of industry-leading enterprise data management software, enables scalable automation, governance, and compliance of enterprise data throughout the application lifecycle, including on-demand delivery of test data, self-service test environments, and continuous testing for Shift Left practices. Over 15 years old, Delphix serves major brands across multicloud environments and 30% of Fortune 100 companies, focusing on data protection, masking, and rapid access for software development. Perforce Software, a Minneapolis-based provider of DevOps solutions for productivity, visibility, and scale in enterprise development lifecycles, backed by Francisco Partners and Clearlake Capital, signed a definitive agreement on February 14, 2024, to acquire Delphix, with financial terms undisclosed though street estimates suggested around $476 million. The strategic rationale centers on enhancing Perforce's infrastructure automation with Delphix's capabilities to address growing demand for enterprise-scale data management in testing, AI modeling, analytics, and DevOps pipelines, reducing storage costs and enabling faster, compliant software delivery for overlapping customers including 75% of Fortune 100 companies using Perforce. Centerview Partners advised Delphix financially, and Cooley provided legal counsel. The deal closed on March 25, 2024, subject to customary conditions, integrating Delphix to solve complex DevOps scaling challenges and maintain data integrity amid rising AI-driven data needs. Post-acquisition, Perforce emphasizes continued investment in Delphix's platform to expand data automation and compliance across its portfolio, positioning customers for competitive advantages in mission-critical application delivery while leveraging complementary technologies, teams, and global support structures.

Delphix acquisition details
AcquirerDateType
  • Perforce Software
13 Feb 2024Strategic M&A

Delphix Valuation

Delphix is currently valued at $981M, based on its Series D in July 2015.

The $75M round was led by Fidelity, with participation from Credit Suisse NEXT Investors, Icon Ventures, The Kraft Group, Lightspeed Venture Partners and Greylock.

Delphix valuation by funding round

Delphix valuation by funding round
DateStageValuationRevenue Multiple
Jul 2015Series D$981M9.8x

Delphix Revenue

Delphix's latest recorded revenue is $100M, as of its Series D in July 2015. At a $981M valuation, that implies a 9.8x revenue multiple.

Delphix revenue by funding round

Delphix revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Jul 2015$100M$981M9.8xSeries D

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Delphix Funding History

Delphix has raised a total of $75M across 1 funding round.

Delphix funding rounds

Delphix funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jul 2015Series DFidelity (lead); Credit Suisse NEXT Investors; Icon Ventures; The Kraft Group; Lightspeed Venture Partners; Greylock$75M$981MDelphix is a Menlo Park-based data virtualization company offering 'data-as-a-service' technology that consolidates data into a master file for virtual cloning without duplication, enabling faster application releases, bug fixes, and cloud migrations—claimed to deliver data 100 times faster than traditional methods. The July 2015 funding round raised $75 million led by Fidelity Management and Research Company, with participation from Credit Suisse NEXT Investors, The Kraft Group, and returning investors Greylock Partners, Lightspeed Venture Partners, and Icon Ventures, bringing total funding to $119.5 million. TechCrunch described Delphix as an emerging unicorn with a $981 million valuation at the time, while Fidelity valued it around $850 million; proceeds were allocated to international expansion and enhancements in cloud, analytics, and data security technologies. By 2012, prior to this round, Delphix had achieved $200 million in software sales and served 30 percent of the Fortune 100 as customers, demonstrating strong early traction in enterprise data management. The company continued growth post-round without further public fundraising, reaching over $100 million in annual recurring revenue by fiscal year 2022 with profitability. In 2024, Perforce Software agreed to acquire Delphix, with street estimates suggesting a valuation up to $476 million—below the 2015 peaks—and all options above water. Delphix had navigated challenges including leadership changes and pandemic impacts but returned to accelerated growth under CEO Jed Yueh.

Who has invested in Delphix?

6 investors have backed Delphix across its funding rounds, including Lightspeed Venture Partners, Greylock, Fidelity, Icon Ventures, The Kraft Group and Credit Suisse NEXT Investors.

Lead investors include Fidelity.


Delphix Investors

Investors in Delphix by funding rounds participated
InvestorHQRoundsRoleFirst check
Credit Suisse NEXT InvestorsUnited StatesNew York City, NY1ParticipantJul 2015
FidelityUnited StatesBoston, MA1LeadJul 2015
Icon VenturesUnited StatesSan Francisco, CA1ParticipantJul 2015
The Kraft GroupUnited StatesBoston, MA1ParticipantJul 2015

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Acquisitions by Delphix

Delphix has acquired 1 company to date.

Last acquisition by Delphix was on May 20th 2015. Delphix acquired Axis Technology for undisclosed valuation.


Latest Acquisitions by Delphix

Axis Technology
Description
Axis Technology is a New Jersey-based provider of data security and DevOps automation solutions. The company implements Delphix for data masking, delivery, and virtualization, alongside Amazon RDS management and cyber risk assessments. It serves financial services and healthcare clients from its East Coast operations.
HQ CountryUnited States
HQ City
Boston, MA
Deal Date20 May 2015
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Delphix Competitors

Delphix competitors include listed companies like TRS Information Technology and Rackspace, and private ones like Augment Code, Pindrop, Altana and Augury.

Public and private companies comparable to Delphix
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
TRS Information TechnologyChinaChinaPublicly listed$76M($20M)$1.7B19.7x
Augment CodeUnited StatesSan Francisco, CAPrivate--$977M-
PindropUnited StatesAtlanta, GAPrivate--$977M-
RackspaceUnited StatesUnited StatesPublicly listed$2.7B$244M$997M1.6x
AltanaUnited StatesNew York City, NYPrivate-$564M$1B-
AuguryUnited StatesNew York City, NYPrivate$100M-$1B-

Delphix Public Comps

Delphix is no longer listed, but its public comps include Rackspace, Appier Group, Extreme Vision, Rezolve AI, iFLYHealth, Beijing CTJ Info Tech, ODDITY Tech, Optasia, e-Hualu and Beijing Haitian Ruisheng.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Rackspace$2.7B$244M1.5x1.6x17.1x15.0x
Appier Group$281M$44M3.4x2.9x21.6x15.7x
Extreme Vision$44M($6M)22.8x11.6x(163.7x)-
Rezolve AI$47M($109M)23.3x4.0x(10.0x)(19.3x)
iFLYHealth$136M($7M)7.7x6.2x(150.8x)(144172.5x)
Beijing CTJ Info Tech$123M$13M5.3x4.9x51.3x34.6x
ODDITY Tech$810M$131M1.5x1.8x9.6x18.3x
Optasia$265M$79M4.3x3.6x14.5x9.1x

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Common questions about Delphix

When was Delphix founded?Delphix was founded in 2008.
Where is Delphix headquartered?Delphix is headquartered in San Francisco, CA, United States.
Is Delphix publicly listed?No, Delphix was acquired by Perforce Software in February 2024.
Who acquired Delphix?Delphix was acquired by Perforce Software in February 2024.
What is Delphix's valuation?Delphix was last valued at $981M in its Series D in July 2015.
How much funding has Delphix raised?Delphix has raised $75M across 1 funding round.
What was Delphix's last funding round?Delphix's last funding round was a $75M Series D in July 2015, led by Fidelity.
Who are Delphix's investors?Delphix's investors include Credit Suisse NEXT Investors, Fidelity, Icon Ventures, The Kraft Group, Lightspeed Venture Partners and Greylock.
What is Delphix's revenue?Delphix's latest recorded revenue is $100M (July 2015).
What is Delphix's revenue multiple?Delphix's latest valuation implies a 9.8x revenue multiple ($981M valuation on $100M of revenue).
Which companies are comparable to Delphix?Companies comparable to Delphix include TRS Information Technology, Augment Code, Pindrop, Rackspace, Altana and Augury.
How many companies has Delphix acquired?Delphix has acquired 1 company, including Axis Technology.

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