SOURCE: Moogsoft

Moogsoft

February 03, 2015 08:00 ET

Moogsoft Reports 970 Percent Year-Over-Year Growth in Sales Revenue

Moogsoft Achieves Record Revenue Growth and Customer Acquisition in 2014; Customer Deployments Now Exceed One Million Managed Elements in Production

SAN FRANCISCO, CA--(Marketwired - Feb 3, 2015) - Moogsoft, the leading provider of operational intelligence for the new era of IT, today announced that its Incident.MOOG service is now in production across more than one million servers and network elements globally as the company achieves 970 percent year-over-year growth in sales revenue. Moogsoft also experienced unprecedented customer acquisition as IT Ops and DevOps teams seek to improve monitoring and speed time-to-resolution for application service-affecting issues. In 2014, the company also expanded its flagship product, Incident.MOOG, to extend incident detection and remediation management to Docker containers and OpenStack cloud environments.

"As technology innovation serving IT Ops and DevOps teams skyrockets, legacy tools, like IBM Netcool and CA Spectrum, can't keep pace with the speed of change in the cloud and mobile-driven network," said Phil Tee, CEO of Moogsoft. "Incident.MOOG answers a critical need for continuous availability as organizations from online startups to traditional enterprises in the financial sector must balance the ever-increasing speed of code deployment with demanding service level requirements."

In 2014, Moogsoft increased its sales revenues by 970 percent year-over-year and overall sales bookings by 310 percent year-over-year. In the most recently completed quarter, the number of paid customers deploying Incident.MOOG increased 200 percent quarter-over-quarter. Among leading enterprises that deployed Incident.MOOG, significant growth occurred in three market verticals:

  • Financial Services Providers: Royal Bank of Canada, Catlin Insurance, UBS
  • Web-scale Enterprises: Yahoo!, TiVo, GoDaddy, Blackboard, RetailNext
  • Managed Service Providers: Cisco, Polycom

"As our business scales, Moogsoft helps us assure that customer-facing services are running with minimal disruptions, even as we bring updates into production faster," said Harry Manley, head of customer support at RetailNext. "Incident.MOOG provides the enabling technology to accelerate resolutions of issues, which is invaluable as our business success requires software to be delivered at the highest quality service possible."

In July of 2014, Moogsoft raised $14.3 million in a Series B round of funding led by Wing Venture Capital, and included repeat investor Redpoint Ventures, as well as new addition, Cisco Investments. The funds support Moogsoft's focus on expanding partnerships, geographic reach, adding strategic personnel, and developing product capabilities and integrations.

The company significantly expanded its executive management team during the past 12 months, adding proven industry veterans: Rob Markovich, CMO; Richard Whitehead, Evangelist in Chief; Jason Heine, VP of Finance; and Kate Williamson, Global Director of Operations. The company added two new board members: Dan Fishback and Peter Wagner.

"Moogsoft experienced unprecedented growth in 2014 due to the resounding market-need for robust IT Operations and Analytics systems that guarantee service in increasingly complex and diverse environments," said Tee. "In the next 12 months, we find ourselves poised for high-pace expansion and increase of market share. Moogsoft will strengthen its foothold as a leading enterprise provider of operational intelligence and service assurance globally."

Key additions to Moogsoft's Incident.MOOG service include:

  • Deep monitoring of Docker-based containers and OpenStack-based clouds
  • Certified integration with ServiceNow
  • Fully customizable dashboards and metrics reporting
  • Multi-layered, machine learning algorithms

Incident.MOOG has also garnered industry recognition, including the Gold Award from Broadband-Testing, an independent network testing facility and consultancy, and a 5-star rating from CloudPro, as well as industry analyst coverage from Gartner, 451 Research, and Ovum.

About Incident.MOOG
Moogsoft's flagship product, Incident.MOOG, is an IT incident early warning and collaborative remediation system used by web-scale enterprises and service providers within IT Operations Management (ITOM), IT Service Management (ITSM) and DevOps teams. Using patent-pending machine learning technology, Incident.MOOG automates the early detection of service failures, reduces the noise without dependence on preset rules or models, creates contextualized situations and then orchestrates rapid restoral of business services. 

About Moogsoft
Moogsoft is the leading provider of operational intelligence for the new era of IT, merging adaptive machine learning and socialized workflows into next-generation IT incident detection and remediation management. Its flagship service, Incident.MOOG, detects anomalies in real time to reveal service-affecting incidents as they unfold, dramatically reducing Mean-Time-to-Repair (MTTR), and enables knowledge capture and reuse through collaborative "Situation Rooms." Moogsoft's founders are the original team behind IBM Tivoli Netcool and RiverSoft. The company is backed by Wing Venture Capital, Redpoint Ventures, Cisco Investments and others. For more information, visit www.moogsoft.com and follow us on Twitter at http://twitter.com/Moogsoft.

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