SOURCE: Puppet Labs

Puppet Labs

January 20, 2016 07:30 ET

Puppet Labs Secures $22 Million in Financing Amid Rapid Growth

Company Appoints Lou Lavigne to its Board of Directors, Adds 37,500 Square Feet to Portland HQ in Support of Expansion

PORTLAND, OR--(Marketwired - Jan 20, 2016) - Puppet Labs, the leading provider of IT automation software, is starting the year with three announcements to fuel continued growth in 2016 and beyond. Today the company has announced that it has secured a $22 million credit facility from Silicon Valley Bank, appointed Lou Lavigne, former Genentech Chief Financial Officer, to its board of directors and audit committee chair, and executed a lease expansion that will add 37,500 square feet to its corporate headquarters in Portland, OR in 2018.

"Puppet Labs helps some of the biggest and most innovative companies navigate the constant changes in the world of infrastructure and applications," said Luke Kanies, founder and CEO of Puppet Labs. "We're still in the early stages of cloud and software. Puppet Labs is uniquely positioned to capitalize on that constant change, by delivering solutions that help our customers make technology a core competency and build and ship better software."

Credit facility
To promote its continued growth and market expansion, Puppet Labs has secured a $22 million credit facility from Silicon Valley Bank. The availability of additional capital will enable Puppet Labs to meet its aggressive growth targets while maximizing its unique opportunity to continuing changing the way IT is provisioned, managed and deployed.

Lou Lavigne Board Appointment
Puppet Labs has appointed Lou Lavigne to its board of directors where he will serve as Chairman of the Audit Committee. Lou is a well-known and respected business and board leader with extensive experience in corporate finance, accounting, growth strategy and business management. Lou spent 23 years at Genentech where he served as Chief Financial Officer from 1988-2005 and was responsible for its Financial, Corporate Relations, and Information Technology groups, and was a member of its Executive Committee. Lou also serves on the Board of Directors and is the Chairman of the Audit committee for Zynga Inc. and DocuSign, Inc. Previously he was Audit Committee Chairman of BMC Software, Equinix, and SafeNet.

Lou has won several awards for his work as Genentech's CEO, including the Bay Area CFO of the Year-Hall of Fame-Lifetime Achievement Award. Lou's appointment follows other recent appointments to Puppet Labs' board including Jennifer Tejada and Gerri Elliott.

"Puppet Labs has a fantastic business with strong growth and an expanding customer base," said Lou Lavigne. "Its solution solves a real business challenge, and its customers love using it. I welcome the opportunity to work with my fellow board members to leverage Puppet Labs' unique strengths so it can capitalize on this market opportunity."

Headquarters Expansion
Puppet Labs also signed a new lease agreement with Block 300 (located at 308 SW Second Avenue in Portland) that will add 37,500 square feet its corporate headquarters in 2018, 50 percent more space than its existing 75,000 square feet. This new lease will enable Puppet Labs to continue its employment growth in Portland as it expands in order to meet sustained high demand for its industry leading software. Puppet Labs was represented by Craig Reinhart, managing principal of JLL Portland.

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About Puppet Labs
Puppet Labs, Inc. is the leader in IT automation. Puppet Labs software provides system administrators the operational agility, efficiency and insight they need to proactively manage dynamic infrastructure, scaling from tens of servers to thousands, both on premise and in the cloud. Thousands of the world's leading organizations use Puppet Labs software to configure and manage their IT infrastructure, including Bank of America, Cisco, NYSE, Salesforce.com and WebEx. Based in Portland, Oregon, Puppet Labs employs 400 people. The company is backed by investors Kleiner Perkins Caufield & Byers, Google Ventures, VMware, Cisco, True Ventures and Radar Partners. To learn more, please visit PuppetLabs.com.

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