Monday, January 7, 2008

DevZuz Acquired By Exist Global

Marina Del Rey-based DevZuz, a venture-backed provider of open source development tools, has been acquired by Exist Global, a software engineering services firm based in the Phillipines. Exist Global did not disclose financial terms of the acquisition. DevZuz has received at least $9.25M in venture capital investments from Mission Ventures and Redpoint Ventures, and is headed by former Gluecode founder Winston Damarillo. Damarillo is also chairman of Exist Global. DevZuz develops application software used for managing open source and other development projects, based on the Apache Maven and other open source projects; the company was formerly known as Simula Labs. Exist Global said that the combined entity will focus on strategic software development services for start-up companies, enterprises, and independent software vendors across the globe.