NEXThink said it raised $5.5 million in a Series C funding led by existing iinvestors Auriga Partners and Venture Incubator, and joined by new investor Mannai Corporation. The Utah company has now raised $13.1 million and will used the new money for products development and to expand sales.
Startup NEXThink Lands $5.5 Million Funding, Opens US Headquarters as Its Customer Base Grows by 50 Percent This Quarter
Alpine, Utah – March 14, 2012 – NEXThink, who makes it possible for the Global 5000 and cloud service providers to rethink and transform their IT infrastructure based on the end user experience, today announced that it has closed $5.5 million in Series C funding, bringing the total capital raised by the company to $13.1 million. This round – led by the company’s current investors, Auriga Partners and Venture Incubator, and new investor Mannai Corporation – will be used to invest in regional sales, to develop new products that accelerate its business with service providers and to move to the mobile platform.
“We believe that in a world of dynamic, multi-platform infrastructure and empowered employees, it is extremely important to provide a global and real-time view of IT systems from the user’s point of view,”Ã¢Â€Â¢Ã‹Â‡ said Pedro Bados, CEO of NEXThink. “We are building a world class team to create and bring to market the most powerful set of solutions to deal with the next generation of IT infrastructures – physical, virtual and mobile – that truly change the game.”
Faced with a radical revolution in the data center with the advent of cloud computing, virtualization and mobility together with increasingly more demanding user needs and greater economic constraints, IT must constantly adapt the services they provide to their end users to ensure perfect quality, while retaining full control of the infrastructure and minimizing costs. Even though the end user infrastructure is vital in terms of how a service’s value chain is perceived and can represent up to 30 percent of the IT budget, desktops have tended to be an afterthought and neglected in favor of the data center’Ã¢Â€Â¢Ã‹Â™s servers and network. However that is changing, and IT is now looking to rethink and optimize their infrastructure based on the end user experience.
Analysts estimate end user experience monitoring to be a multi-billion dollar market with double digit growth. NEXThink has the the most intelligent monitoring, discovery and analytics solution on the market that audits IT infrastructure from the perspective of end users’Ã¢Â€Â¢Ã‹Â™ physical and virtual workplaces, instead of from the data center like traditional solutions do. NEXThink’s solution provides IT with essential real-time information so that they can make the best decisions in solving availability and performance problems, improving the end user experience, detecting suspicious software and network access to maintain security compliance, steering IT projects on target and accelerating transformation and cost optimization initiatives.
Demand is strong. NEXThink grew its customer base by 50 percent this quarter to 300 customers spanning 12 countries, representing more than 1.5 million workplaces. Customers include Bunge, French Government, Manpower, Qatar Telecom, Swisscom, Toyota and one of the worldÃƒÂ¢Ã¢Â€Â¢Ã‹Â™s largest providers of luxury watches.
NEXThink is opening its US headquarters in Alpine, Utah and will start building a local team to best serve the US market. Industry veteran Chris Lundell has been appointed President of Americas. Previously, he served as CEO of Corda Technology and General Manager of LANDesk Software and held various sales and marketing leadership roles during his 13 year career at Novell.
“I’Ã¢Â€Â¢Ã‹Â™m exited about joining a great company that has been extremely successful in Europe and is now focused on growing its customer base and developing a great partner network in the US,” said Chris Lundell, NEXThink President of Americas. “Ã¢Â€Â¢Ã‹Â›Global alliances already established with companies like IBM and Unisys will be extended to the US quickly.”
Patrick Starck, Former Chairman of CA Technologies EMEA, and Alek Grewal, Chief Executive Officer of Mannai Corporation, will join NEXThink’Ã¢Â€Â¢Ã‹Â™s board.
“NEXThink has a unique infrastructure monitoring technology and a very innovative team. I’m excited to join this fast growing venture and to work closely with them,”Ã¢Â€Â¢Ã‹Â‡ said Patrick Starck, Former Chairman CA Technologies EMEA and NEXThink Board Member.
“We were impressed with the NEXThink team and saw that they had created a truly innovative and disruptive product which is why we became their first VAR in the Middle East a couple of years ago,” said Alekh Grewal, Mannai Corporation Chief Executive Officer and NEXThink Board Member. “We’Ã¢Â€Â¢Ã‹Â™ve had a successful relationship ever since so when the opportunity arose to invest, we did to solidify and strengthen our commitment to NEXThink.”
About Auriga Partners
Auriga Partners is an independent venture capital firm. Based in Paris, Auriga Partners invests in information technologies and life sciences, in innovative high potential ventures and in seed or early development stages in Europe, North America and the Middle East. Auriga Partners manages three funds for a total of more than EUR 330m. Along with investing the necessary capital, Auriga Partners brings its savoir-faire in developing and solidifying executive teams, organizing companies, broadening their networks and forming strategic and corporate partnerships. For more information, visit: http://www.aurigapartners.com.
About Venture Incubator
Venture Incubator is a Swiss venture capital firm that supports university spin-offs as well as other promising startup companies with capital, coaching, consulting and networks. Venture Incubator was established in 2001 by six industrial corporations (ABB, Hilti, Sulzer, Schindler, Novartis, Nestle), 4 financial institutions (Credit Suisse, Pictet & Cie, Zurich Cantonal Bank and SUVA), McKinsey & Company and the Swiss Federal Institute of Technology in Zurich (ETHZ). Venture IncubatorÃƒÂ¢Ã¢Â€Â¢Ã‹Â™s portfolio comprises 19 companies. Approximately half the money is invested in life sciences and the other half in IT and material sciences. Venture Incubator has been setup as an evergreen fund with a CHF 101m paid in capital. For more information, visit: http://www.ventureincubator.ch/en/home.html.
About Mannai Corporation
Mannai Corporation owes its success and continued market leadership to shared values, core competence in commerce and technology and an unending spirit of innovation in all aspects of corporate life. Mannai delivers superior, long-range economic benefits to customers, shareholders, employees and the communities in which they operate. Mannai offers the broadest range of products and services of all private sector companies. For more information, visit: http://www.mannai.com.
NEXThink was founded in 2004 with the vision of transforming how the Global 5000 and service providers see, use and operate their IT infrastructure. NEXThink has the most advanced intelligent monitoring, discovery and analytics solution on the market that audits IT infrastructure in real-time from the perspective of end users’ workplaces, physical or virtual, and it is integrated into leading management software solutions for true end-to-end IT management. For more information, visit: www.nexthink.com.