 | |  |
Netuitive Closes $5 Million in Financing and Adds Former Mercury Executive to Board of Directors; Thomas Weisel Venture Partners Leads Round; Ido Sarig Joins Board
RESTON, Va.--(BUSINESS WIRE)--May 18, 2005--Netuitive, Inc., the leader in real-time analysis software for business service management (BSM), today announced that it has closed a $5 million Series C round in financing led by Thomas Weisel Venture Partners (TWVP), a $255 million early-stage venture capital fund that invests in information technology companies. As part of this financing, Ido Sarig, representing TWVP, will join Netuitive's Board of Directors.
Sarig has built a successful career in the technology industry, having held various senior management and executive positions at Mercury, the global leader in business technology optimization (BTO). As Vice President of Technology Strategy at Mercury, he was responsible for formulating the company's technology roadmap, and searching for and evaluating new technologies and business opportunities for the company.
"BSM is one of the hottest segments in the software industry, and continues to realize rapid adoption based on its ability to simplify complex decision making that involves multiple people, systems and business units," said Sarig. "Our investment in Netuitive is especially compelling given the increasing enterprise need for improved operational performance and efficiency, and considering Netuitive's superior technology, the company is on track to become a 'must have' in the high-growth BSM industry."
TWVP General Partner, Mike Levinthal, who was instrumental in the new funding for Netuitive, adds "Netuitive has all the right ingredients for success -- a truly unique technology that fulfills a growing market need and a management team with a proven ability to execute." A former partner for Mayfield, Levinthal has a very successful track record in identifying and sponsoring software industry successes such as Citrix, Concur Technologies and WebMethods. "I am extremely happy to add Netuitive to the TWVP portfolio and am confident Netuitive's products will accelerate the adoption of BSM."
Netuitive's existing venture capital partners, Bessemer Venture Partners, Columbia Capital, Flagship Ventures, and Noro-Moseley Partners, also participated in the funding round. Netuitive will use the proceeds from this financing to further its sales, marketing and product development initiatives and expand its customer base and partnership program.
"This additional funding is a real vote of confidence from our investors and a validation of the strong market traction and product leadership that the Netuitive product delivers to the marketplace," said Nicola Sanna, President and CEO of Netuitive. "Thomas Weisel Venture Partners has marked experience in working with seed and early-stage companies and helping them grow -- we are confident they are firmly capable in helping us cement our position as a champion of innovative real-time analysis software for business service management."
Thomas Weisel Venture Partners (TWVP) is an early stage venture capital firm that invests in emerging information technology companies. As a partner with a long-term perspective, TWVP plays an active role in helping entrepreneurs turn ideas into sustainable businesses. TWVP portfolio companies benefit from the knowledge, energy and resources of the TWVP team and from TWVP's commitment to working with management to build industry-leading companies. TWVP was founded in 2000 in partnership with Thomas Weisel Partners, a San Francisco-based merchant bank, and is located in Palo Alto, California. For more information, visit www.twvp.com.
Netuitive is the leading provider of real-time analysis software for business service management. The world's leading ISV's are partnering with Netuitive to add real-time analysis capabilities to their monitoring platforms. Netuitive's patented technology allows their customers to automate complex decision-making, dramatically lower operational costs and improve service levels. "Powered by Netuitive" products are used by such enterprises as, Dow Jones, BlueCross BlueShield, Harley Davidson and Priceline.com. For additional information, please visit www.netuitive.com.
Netuitive, Inc.
Daniel Heimlich, 703-464-1486
dheimlich@netuitive.com
or
Kulesa Public Relations for Netuitive, Inc.
Julie Tangen, 831-420-3511
julie@kulesapr.com
or
Thomas Weisel Venture Partners
Allison Murdoff, 650-688-5222
amurdoff@twvp.com
| | |
