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06/13/2007

OpSource Closes $15 Million Series D Funding Round

 

OpSource, the Software as a Service (SaaS) delivery experts, announced recently that it has closed a $15 million Series D financing round. OpSource will utilize these funds for ongoing business development and to accelerate the worldwide adoption of OpSource On-Demand™, the leading web application delivery platform in the US. OpSource On-Demand enables companies to quickly and securely offer applications on-demand.

The financing was led by Crosslink Capital including participation from Artiman Ventures. This latest financing brings total funds raised by OpSource to $47 million. OpSource also announced that Crosslink's Gary Hromadko has joined the board of directors.

“Crosslink invested in OpSource because it has established a highly differentiated position as the leading provider of infrastructure and application services for Web-based solutions. OpSource has an exceptional management team, both strategically insightful and operationally strong. We expect great things from the company.” said Gary Hromadko, Crosslink Capital venture partner.

Treb Ryan, OpSource CEO, said, “With this additional funding, OpSource is now in a position to meet increasing demand in Europe for delivering on-demand applications. We can also speed the time to market for new services and on-demand applications that will grow the SaaS ecosystem. These activities continue OpSource's legacy as a catalyst for spectacular innovation in the on-demand market.”

Saurabh Srivastava, general partner, Artiman Ventures, noted, "OpSource eats, sleeps and breathes the on-demand world, partnering with its customers, sharing their focus and incentive to deliver cost effective, high quality, on-demand products and services. As a testament to OpSource's success, some of the fastest growing and most successful Web 2.0 companies, including, BMC, Business Objects, Coghead, Etology, General Mills, KANA and Ribbit have chosen OpSource as their Web application delivery partner."

OpSource, the SaaS delivery experts, is focused on providing the operational infrastructure and ongoing services that enable software companies, on-demand businesses, and Web application providers to deliver and maintain the highest quality Web-based solutions. By choosing OpSource as a SaaS partner, OpSource customers are freed from infrastructure management and can focus on improving applications and acquiring new customers. The OpSource On-DemandSM infrastructure enables businesses to deploy SaaS and Web-based applications quickly, cost effectively, securely, and with high quality standards. Companies at any stage in the application lifecycle, delivering any type of application, can benefit from OpSource's comprehensive services and expertise. OpSource is the only company to offer Success-Based PricingSM, a unit-based pricing model that allows businesses to begin with a modest minimum commitment with expenses scaling only when their revenues increase.

For more information, please visit www.opsource.net