Netuitive Secures $8 Million in Financing
Netuitive, Inc., the leading provider of self-learning performance management software, recently announced that the company has secured an additional $8 Million in financing. This new round of funding, led by MK Capital, will be used to expand Netuitive’s sales operations and accelerate market presence in the US and Europe.
“We believe Netuitive has all of the right pieces in place – unique and powerful technology, seasoned management team and proven products – to be a 100 million dollar company,” stated Bret Maxwell, general partner at MK Capital. “We’re helping the company reach this great height by giving it the needed support to expand its team and presence both domestically and abroad. Soon companies worldwide will understand how Netuitive’s products can dramatically reduce costs and increase productivity. We are absolutely thrilled to add this innovative company to our portfolio.”
Netuitive has experienced tremendous momentum in the last year – growing revenues by 400%, adding more than 50 new customers, shipping the enterprise edition of its Netuitive Service Analyzer product and delivering the first self-learning performance management system for VMware. The company has also received numerous accolades during this time including, being named a “Cool Vendor” in IT Operations by Gartner Inc, listed as one of the companies “crashing the gates” in 2007 for IT Service Orchestration by Yankee Group and named a CODiE Award finalist for best new Systems Management solution.
“Since shipping the first release of Netuitive’s solution, we have been focused on improving and expanding our product line in order to provide the market with the most comprehensive self-learning performance management solutions available,” stated Nicola Sanna, CEO and president of Netuitive. “Now that we have laid the foundation for our business, with our products deployed in over 170 companies, it’s time for broader market penetration.”
This strong momentum has lead to a dramatic increase in customer demand both in the US and abroad. The new round of financing will immediately be applied toward increasing its US sales presence and for opening its European base of operations in London.
Netuitive’s existing investors, Bessemer Venture Partners, Columbia Capital, Flagship Ventures, and Noro-Moseley Partners and Thomas Weisel Venture Partners also participated in this round.
Netuitive is the leading provider of real-time analysis software for business service management (BSM). Netuitive’s products automate the deployment and administration of BSM, enabling organizations to guarantee service levels and significantly lower IT operational costs. Netuitive software automatically analyzes and correlates all of an organization’s performance monitoring data in real-time, requires no manual configuration or specialized programming and delivers Trusted Alarms(tm) - the industry’s most reliable indicators of impending service problems. Netuitive partners with leading BSM vendors, including BMC, NetIQ, HP, Microsoft and Mercury and has Global 1000 customers, generally realizing a return on investment in less than two months, such as Dow Jones, BlueCross BlueShield, Harley Davidson and Priceline.com.
For more information, please visit: www.netuitive.com