Tideway Secures $27 Million in Series C Funding By VSM News Staff published: Tuesday, April 08 2008
Scottish Equity Partners Leads Round Following Year of
Explosive Growth
NEW YORK and LONDON: April 8, 2008 - Tideway, one of the
fastest growing providers of IT automation software, today announced the
completion of a $27 million Series C round of financing led by new investor
Scottish Equity Partners (SEP). The Series C round funding brings the total
equity investment in Tideway to $37.5 million, including follow-on investments
from APAX, senior management and other existing investors.
Tideway will use the proceeds to drive new customer
acquisition, expand its partner ecosystem, power continued product innovation
and meet escalating market demand for data center optimization. Demand is being
fueled by the current economic climate, in which global enterprises are seeking
to reduce IT costs and operational risk while remaining competitive with new
product and service offerings.
Fearghal O'Riordain, a Partner with SEP said: "Tideway
has already demonstrated a clear leadership position with the most widely
deployed application dependency mapping (ADM) solution in the industry. The
market is still in an evolutionary phase with much innovation and growth still
to come. Tideway is very well positioned to capitalize on that and to secure
its position as the dominant player in an expanding category."
The Series C funding follows a year in which Tideway doubled
its installed customer base and dramatically increased revenue. The company's
growth was driven by significant new customer acquisitions across a range of
verticals including financial services, telecommunications, manufacturing,
pharmaceuticals and government.
In October 2007 the company launched Tideway Foundation 7.0,
whose customizable automation capability offers the broadest, deepest, most
up-to-date coverage of vital data center technologies and business applications.
Tideway was recently named in the list of Top 10 Enterprise Management Tools by
Network Computing, based on the strong performance of Foundation.
In a December 2007 article in Network World titled The Top
Three IT Technologies that Matter for 2008 - and Beyond, Evelyn Hubbert, senior
analyst at Forrester Research noted that in the coming year, ADM will become
less secondary and more primary for companies wanting proactive management of
business-critical applications. "Companies with dynamic applications, and
there are fewer companies that don't have such applications, cannot afford for
them to go down, and ADM will become part of the infrastructure to support and
maintain applications."
Richard Muirhead, Founder and CEO of Tideway said:
"Enterprises today need a fresh alternative to the traditional legacy IT
management framework vendors who are often hamstrung by M&A activity, which
leaves them more focused on integration than innovation. This round allows us
to continue meeting demand for simple solutions that help firms large and small
cut data center costs and reduce operational risk."
About Scottish Equity Partners (SEP)
SEP is a leading European venture capital firm with offices
in London and Glasgow. The team has been investing together
for 15 years and has a strong history of helping the most talented European
entrepreneurs build world-class companies in the information technology,
healthcare and energy-related technology sectors. SEP was recently named
Venture Capital Firm of the Year.
Previous investments include CSR, Atlantech Technologies, Wolfson
Microelectronics, and Searchspace. SEP's current portfolio includes leading-edge
technology companies picoChip, ip.access and Zeus. Recent investments include: fabless
semiconductor companies Gigle and Powervation; Pan-European delivery solutions
company Kiala; flight search engine Skyscanner; virtualisation leader
VirtenSys; IT analytics specialist Sumerian; medical device pioneer Stentys;
and oil services technology company Futuretec. Recent exits include the $275
million sale of MTEM to PGS which has just been named Technology Venture Exit
of the Year. Further information on SEP and portfolio companies can be
found at www.sep.co.uk
About Tideway Systems
Tideway Systems provides a shared platform for technologists
to visualize and report on the data they need to make informed decisions.
Tideway FoundationT software continuously maps application relationships to
physical and virtual infrastructure, including the dependencies between them.
This single, automated view of application topology enables enterprises to cut
costs, reduce risk and better manage change.
Tideway is rated as a category leader by prominent analyst firms.
Clients include Dresdner Kleinwort, ING, Linklaters and Mizuho Bank. For more
information, visit www.tideway.com.
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