DynamicOps secures $11 million in venture funding
28 February 2011 | 2498 views | 0
DynamicOps, leading provider of private cloud automation software, today announced that it has closed $11 million in venture funding.
The Series B round was led by Sierra Ventures. Next World Capital participated, joining Credit Suisse's Next II venture group in ownership. The company also added industry veterans Les Yetton and Paul Silver to its executive team, and Mark Fernandes to its board of directors.
These announcements follow on the heels of a record 2010, in which DynamicOps reported 200% year-over-year revenue growth and a 115% increase in new customers, while 75% of its existing customers expanded their implementations. The company attributes this growth to tremendous demand for its private cloud automation solutions. According to IDC, the market for private cloud solutions is expected to rise from $2.6 billion in 2009 to $5.7 billion in 2014.(1) The rapid adoption of virtualization technology is driving demand for private, as well as public, cloud solutions, forcing IT organizations to reassess how they control, monitor, provision and optimize resources.
"Economic volatility combined with increasingly complex technology infrastructure have created the perfect storm for private cloud computing. After speaking with many enterprises—including DynamicOps customers that are leaders in the financial services and technology industries—we validated that DynamicOps is uniquely positioned to capitalize on the tremendous pent-up demand for more efficient provisioning and management of IT resources. We're excited to help them address this enormous opportunity," said Mark Fernandes, Managing Director of Sierra Ventures.
"DynamicOps' understanding of the challenges customers face and its ability to deliver exactly what they require is evident in the growth the company has already achieved. And by broadening its accomplished executive team with industry veterans who have helped build ground-breaking companies, we're confident that DynamicOps will realize even greater success in the coming years," said Craig Hanson, Partner, Next World Capital.
"We believe wholeheartedly that delivering pring products that automate private and public cloud management will help enterprises achieve the agility needed to compete and thrive. We're pleased that such well-respected investment firms have chosen to support our efforts, validating the strength of our vision, solutions and newly expanded executive team," said Rich Krueger, CEO of DynamicOps. "I'm thrilled that Les and Paul have chosen to join DynamicOps and that Mark is joining our board. Les' experience in growing and establishing market leadership for new companies, plus Paul's track record in accelerating international adoption and revenue growth, and Mark's insights from years of helping companies achieve their potential, will be invaluable as DynamicOps moves into the next phase of growth."
Expanded Executive Team
With the help of its expanded executive team, DynamicOps will use the capital from its B round to fund global sales, marketing and development of its private cloud automation solutions.
Les Yetton, Chief Marketing Officer, DynamicOps
As Chief Marketing Officer, Les is responsible for facilitating DynamicOps growth and market leadership, directing product management, product marketing and marketing communications. Les has over 25 years of experience leading and building companies in emerging, high-growth markets. Prior to DynamicOps, Les was CEO of Neocleus, producer of type 1 client-hypervisor technology, which was acquired by Intel under his leadership. Before Neocleus, he held executive roles at Desktone, which introduced the concept of cloud-hosted virtual desktops, and Softricity, which pioneered application virtualization and was acquired by Microsoft.
Paul Silver, VP of Sales, Europe, DynamicOps
Paul brings more than 25 years of experience in expanding high-tech businesses to international markets to the newly created role of VP of Sales, Europe at DynamicOps. He is responsible for the direction and management of all sales, business development operations and channel strategies in Europe. Recently, Paul was Vice President of EMEA for EqualLogic, a storage solution vendor. In this role, he successfully established EqualLogic in Europe and played a major part in the company's growth, which ultimately led to its acquisition by Dell. Prior to EqualLogic, Paul was general manager of EMEA for Intransa and, before that, he was CEO of Avanti Europe.
Mark Fernandes, Managing Director of Sierra Ventures
Mark joins DynamicOps' board of directors. He is Managing Director of Sierra Ventures focused on software investments, and has served on the boards of companies including Sourcefire, Opalis Software and Frontbridge Technologies (both acquired by Microsoft), and Net6 (acquired by Citrix). Earlier in his career, Mark worked in equity research at Robertson Stephens and Merrill Lynch. He began his career in product management at Seagate Technology and Cisco Systems.