The shift to the Cloud is coming fast. Many enterprises have more than half of their applications running in cloud environments and that is expected grow significantly in coming years. In addition, network service providers are virtualizing their infrastructure and using the Cloud to speed service delivery and save cost. OpenStack, which is an open-source software platform designed for cloud computing, has become a viable platform for developing private and public clouds, and an alternative to proprietary platforms like VMware and Microsoft Hyper-V. However, the market is early and there is still uncertainty around the viability of clouds built upon OpenStack and the ability of vendors to generate sizable revenue. With so many companies expected to select and deploy a cloud platform for the first time in the next few years, the question is whether that uncertainty is unfounded for today's emerging Cloud environment. The following report takes a closer look into OpenStack as a Cloud development platform as well as companies in the ecosystem, and M&A and private placement activity.