OpSource, a Santa Clara, Calif.-based provider of enterprise SaaS and Web applications, has raised $10 million in Series E funding from Nippon Telegraph and Telephone Corp. (NYSE: NTT). It had previously raised around $54 million from Velocity Interactive Group, Crosslink Capital, Intel Capital, Key Venture Partners and Artiman Ventures.
OpSource, the leader in Web operations, today announced that it has received $10 million in series “E” investment capital from Nippon Telegraph and Telephone Corporation (NYSE: NTT), with whom the company entered a strategic partnership in November 2008 (http://www.opsource.net/news/press/read_news.php(TM)action=seenews&news_type=5&newsid=78), as well as from returning investors.
“OpSource is a proven leader in the SaaS space, and is continuing to flourish and innovate in this challenging economic environment, as evidenced by their EBIDTA-positive status as of December 2008,” said Gary Hromadko, Venture Partner, Crosslink Capital, a returning investor. “As the demand for SaaS and Cloud solutions continues to grow, OpSource is in a unique position to lead this marketplace while accelerating its own growth. We are pleased to back such a vibrant company.”
OpSource, which is six years old, has also garnered the additional financial support of other existing venture partners, including Velocity Venture Capital, Key Venture Partners and Artiman Ventures. The company will use the funds to further develop its existing Software-as-a-Service (SaaS) offerings as well as to pursue other key initiatives in the Cloud computing space.
“The market has truly embraced the great scalability and efficiency that SaaS solutions bring, and we are proud to be the company that both emerging companies and enterprises rely on for billions of transactions every day,” said Treb Ryan, CEO, OpSource. “As we continue to grow our business, we are equally committed to remaining EBIDTA-positive. This funding round will help us achieve our operational goals while introducing innovative solutions in the Cloud computing space.”
OpSource™ delivers Software-as-a-Service (SaaS) and Web applications for on-demand companies, with hundreds of applications, millions of users and billions of transactions supported daily. OpSource On-Demand™, the leading Web operations solution, is defining how Web-based software is delivered. By choosing OpSource as their Web application delivery partner, companies are freed from investing in and managing the complex and costly infrastructure and services necessary to deliver applications over the Web. They can instead focus their resources on developing, marketing and selling their applications and services. Further, by using OpSource Connect™ companies can leverage Web services such as OpSource Billing CLM™, OpSource Analytics™ and OpSource End User Support™ and integrate their applications with other SaaS applications over the Internet as well as with enterprise applications behind the corporate firewall. OpSource On-Demand is suitable for companies at any stage of growth, with any type of on-demand application.
Headquartered in Santa Clara, Calif., OpSource has Web application delivery centers in Virginia, London and Bangalore. For more information about OpSource, visit www.opsource.net.