SOURCE: Moogsoft

Moogsoft

June 06, 2016 12:50 ET

Moogsoft Raises $30M in Series C Funding to Fuel Global Market Expansion

Company Surpasses Growth Goals on Heels of New Strategic Investments

SAN FRANCISCO, CA--(Marketwired - Jun 6, 2016) - Moogsoft, the leading provider of real-time IT Operations Analytics (ITOA) software, today announced that it has secured $30 million over two phases of an oversubscribed round of Series C financing. New investor Northgate Capital led the first phase of the round joined by new investor SingTel Innov8 and existing investors Cisco Investments, Redpoint, Wing and other equity holders. New investor Singapore Technologies Telemedia (ST Telemedia) led the second phase of the round with participation from HCL Technologies. The funding comes as the company surpassed its growth goals for the most recent fiscal year, and it will be used to fuel the expansion of Moogsoft's global operations in Europe, Asia and the Americas.

"Moogsoft employs innovative technology and approaches to help address the challenges of managing hyper-converged IT infrastructure. The team brings deep relevant experience and the company's new solution has already gained traction with several lighthouse clients," said Georg Mende, Principal at Northgate. "This is an investment from our Innovations Partnership platform backed by strategic investors from around the globe. Together we look forward to helping accelerate Moogsoft's international growth."

"Moogsoft is validated by blue chip enterprises and major service providers with massive, web-scale, complex IT architecture," said Nikhil Eapen, Chief Strategy & Investment Officer & of ST Telemedia. "ST Telemedia is an active investor that drives value across our portfolio. We are investing in infrastructure software & enterprise tech with standouts like Moogsoft that apply next-generation technologies to displace large existing industries by deploying enterprise solutions that are a paradigm change in terms of speed, robustness and flexibility. It's clear Moogsoft is ready to scale deployments even further, from North America and Europe, and now to Asia."

"Moogsoft is currently our strategic partner of choice for IT operations analytics and event automation, and a key platform for our next generation IT and Digital Operations Services," said Anand Birje, Executive Vice President, HCL Technologies. "This investment represents our strategic interest in partnering with new generation start-ups. As one of the world's largest and fastest growing providers in this space, with over 250 large enterprise customers, we believe our strategic investment in Moogsoft will enable us to bring richer operational analytics to our customer's digital transformations."

"As large organizations move towards more complex network and IT infrastructures, they will increasingly require scalable IT management solutions that are able to meet high service level expectations," said Jeff Karras, Managing Director of Singtel Innov8. "Moogsoft has already demonstrated clear success with customers and made significant strides in terms of product innovation and building for organizational scale. We are excited to welcome Moogsoft into our portfolio of companies as it has the potential to create significant value within the strategic technology areas we are in."

"Moogsoft's differentiated machine-learning approach to automate and simplify IT operations is a unique solution for increasingly complex incident management processes," said Rob Salvagno, head of Cisco Investments and Corporate Development at Cisco. "We are excited to back a team with such a strong track record, and through our continued investment in Moogsoft, we are able to foster a close business relationship, internally pilot their solutions, and encourage technical collaboration opportunities between our engineering teams."

Moogsoft stands at the forefront of a generational shift in how modern operations teams across IT and Development manage their applications, networks, and infrastructure. Event and alert volumes are continuously increasing, while the scale, change, and complexity introduced by digital initiatives such as Cloud, Mobile and Microservices are unprecedented. Rather than rely on humans to manually analyze, correlate, and detect incidents from event streams, enterprise organizations trust Moogsoft to automate these tedious and manual IT support functions using Big Data analytics. Customers such as Cisco, Royal Bank of Canada, Yahoo, and GoDaddy use Moogsoft to transform and automate their incident management processes across their production stack.

"Every organization needs to become digital, and a key part of that transformation is for IT operations to automate their support functions at global scale, without dealing with the complexity and operational noise of cloud, mobile, and micro-services architectures," said Phil Tee, CEO and co-founder of Moogsoft. "We surpassed all of our growth goals this past year, so it is impeccable timing for Moogsoft to close this oversubscribed round supported by visionary strategic investors, underlining the deep market support for the next generation of data driven, collaborative, model free service assurance."

In addition to closing its Series C round, Moogsoft surpassed its annual growth goals, achieving several notable milestones:

  • Accomplished 350% bookings growth in FY15 across all customer segments, with international sales contributing to over 40% of total revenue.
  • Achieved an 80% increase in new client acquisitions across multiple industry verticals including: Digital Enterprise, Traditional Enterprise, Managed Service Providers, and Government Agencies.
  • Increased number of managed production hosts to over 3,000,000.
  • Launched strategic OEM and reseller agreements with Cisco, working with Cisco to help service providers effectively manage an unprecedented real-time and collaborative demand on IT and Network Operations on their path to virtualization.
  • Launched strategic OEM and reseller agreement with HCL.
  • Established eco-system partnerships with leading monitoring vendors like Splunk, Elastic, New Relic, AppDynamics, and Dynatrace.
  • Developed over 90+ event source integrations for leading application, network, database, storage, and server event sources.
  • Implemented a three-week agile release process so customers continuously received innovative features and new capabilities.
  • Introduced SaaS, on premise, and hybrid-cloud versions of the Incident.MOOG platform.
  • Appointed several key executives from top global technology companies such as AppDynamics and Glassdoor.

About Moogsoft
Moogsoft is a leading provider of IT Operations Analytics (ITOA) for modern private, public cloud and hybrid IT environments. The company delivers machine learning-based incident management solutions for large, dynamic and heterogeneous environments, helping companies such as Cisco, Royal Bank of Canada, Yahoo, and GoDaddy to detect, triage and resolve incidents inside their production environments and improve service quality. To learn more visit: www.moogsoft.com

About Singapore Technologies Telemedia
Singapore Technologies Telemedia (ST Telemedia) is a strategic investor in communications, media and technology businesses around the globe. Committed to creating sustainable value for its stakeholders, ST Telemedia has a proven track record of building and growing businesses into market leaders. Its key business segments comprise Communications & Media services, Network Services, Data Centres, and Emerging Technologies. As an active investor, ST Telemedia adopts a proactive approach in identifying and seeking new opportunities, and draws on its extensive international and operational experience to help its portfolio companies develop competitive advantages. www.sttelemedia.com.

About Singtel Innov8
Singtel Innov8, a wholly-owned subsidiary of the Singtel Group, is a venture capital fund, with its own set of decision making, approval and funding processes. It has a fund size of US$250 million with offices in Singapore, Silicon Valley, Tel Aviv and Beijing. Singtel Innov8 focuses its investments on technologies and solutions that lead to quantum changes in network capabilities, next generation devices, digital content services and enablers to enhance customer experience. It works closely with the ecosystem of leading innovators, developers, government agencies, R&D and capital providers to bring cutting-edge technologies and solutions to the various markets the Singtel Group operates in. innov8.singtel.com

About HCL Technologies
HCL Technologies is a leading global IT services company working with clients in areas that impact and redefine the core of their businesses. Since its emergence on global landscape after its IPO in 1999 and listing in 2000, HCL Technologies, along with its subsidiaries, today operates out of 32 countries and has consolidated revenues of US$ 6.2 billion, for 12 Months Ended 31 March, 2016. HCL focuses on 'transformational outsourcing,' underlined by innovation and value creation, offering an integrated portfolio of services including BEYONDigital, IoT WoRKS, Engineering Services Outsourcing and Next-Generation IT Outsourcing that focuses on transformation-led integrated infrastructure services, applications services and business services. HCL leverages its extensive global delivery capabilities and integrated innovation labs across the world to provide holistic, multi-service delivery in key industry verticals including Financial Services, Manufacturing, Telecommunications, Media, Publishing & Entertainment, Retail & CPG, Life sciences & Healthcare, Oil & Gas, Energy & Utilities, Travel, Transportation & Logistics and Government. With 104,896 professionals from diverse nationalities, HCL Technologies focuses on creating real value for customers by taking 'Relationships Beyond the Contract.' For more information, please visit www.hcltech.com

Contact Information

  • Media Contacts:
    Matthew Harper
    Vice President, Corporate Marketing
    Moogsoft Inc.
    Email Contact
    1-628-400-4117

    Melinda Tan
    ST Telemedia
    Email Contact
    +65 9852 6757

    Meenakshi Benjwal
    HCL Technologies
    Email Contact

    Sonny Phua
    Singtel - Corporate Communications Manager
    Email Contact
    +65 8511 7996

    Chelsea Russo
    Allison+Partners
    Email Contact
    646.428.0628