Salt Lake City’s Mercato Partners has acquired Denver-based enterprise automation software company Cloud Elements from UiPath through its Traverse Growth Fund III. Cloud Elements specializes in application programming interface (API) integration and management. The transaction price was not announced.
“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 new Cloud Elements board member. “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.”
“Mercato has been with us since 2018, and they’ve been insightful partners,” said 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.”
Mercato Partners is a multi-strategy investment firm which specializes in overlooked and underserved markets, Christensen said. Mercato provides both capital and operational guidance for rapidly scaling companies in the technology and branded consumer segments.