Appnomic Systems said it raised $5 million in Series C funding from Norwest Venture Partners. This new round brings total investment in the company to $12.5 million. Appnomic will expand U.S. operations and enhancing product development.
Appnomic Systems Closes Series C $5M Round of Funding
Norwest Venture Partners Invests its Third Round of Investment to Fuel Appnomic’s Operational Expansion and Product Development
Santa Clara, CA – September 18, 2012 - Appnomic Systems, a leading provider of automated enterprise and Cloud IT performance management solutions, today announced a $5 million Series C round of funding from Norwest Venture Partners. This round of funding, which brings total investments to $12.5 million, is designated for expanding Appnomic’s U.S. market operations and enhancing development of the company’s industry leading products and services.
Appnomic secured the funding from its lead investor, Norwest Venture Partners, to extend the company’s global success in U.S. markets and its product leadership with regional adaptations, functionality enhancements and to extend its overall growth momentum.
“Appnomic has a proven track record of quality IT performance management for its clients in India, the Middle East and other global markets,” said Promod Haque, managing partner, Norwest Venture Partners. “This investment will be crucial in expanding its product, marketing and sales teams and in creating engineering enhancements to its already stellar product platforms and services here in the U.S.”
Over the last 12 months, Appnomic’s U.S. sales have increased XX percent[AS1] , while remaining global sales have increased XX percent. The company’s U.S. organization has grown 300 percent in the last year, including the hiring of top performing leaders from industry leading performance and analytics firms who share Appnomic’s vision for the future of IT Advanced Performance Analytics and IT Operations Analytics.
“India, by virtue of being our first market has now settled down to a predictable growth, a sign of our product maturity as well as our movement from the early adopters to more discerning customers,” said Paddy Desikachari, CEO of Appnomic. “The current round of fund raising will help us further accelerate our growth in Asia and Middle East markets, as well as raise our level of penetration in the U.S.”
“Our growth during our first year of U.S. operations has been phenomenal and we have been extremely efficient with our capital – we have made a strategic decision to keep our investments small, and have been nimble, smart and focused on delivering an unwavering commitment to the best technology,” said Ray Solnik, head of U.S. operations, Appnomic.
Appnomic has been included as one of the newest market entrants gaining significant traction and market share. In particular, Gartner recognizes Appnomic as one of the leaders in the newly defined category of IT Operations Analytics (ITOA),* and the company has been validated in reports by industry influencers EMA (Enterprise Management Associates) and the ODCA (Open Data Center Alliance).
In the last year, the company has also received awards from SIIA (the Software and Information Industries Association) and THINKStrategies. Appnomic’s unique blend of product platform and SaaS solutions position it well for continued customer flexibility and growth potential.
About Appnomic Systems Appnomic Systems is a leading provider of automated enterprise and Cloud IT performance management solutions that help businesses migrate to, live, and thrive in Cloud and hybrid environments. Appnomic’s SaaS and enterprise AppsOne and OpsOne solutions automate both complex application performance management tasks and routines, labor intensive maintenance activities respectively. The company’s flagship award winning product, AppsOne, is the industry’s first Application Behavior Learning (ABL) solution to leverage real-time application usage patterns in its three-dimensional performance management model. With AppsOne, IT organizations can focus on preventing IT application performance issues rather than on mean-time-to-repair (MTTR) operations issues.
The company’s global headquarters are in Bangalore, India, and new North America headquarters are in Santa Clara, CA. Appnomic is backed by Norwest Venture Partners. For more information please visit the company’s website at www.appnomic.com.