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Netuitive Raises $11 Million in Equity Financing
Company Opens New Headquarters in Northern VA
Reston, VA - October 15, 2002 - Netuitive, Inc., a systems management software company that offers the industry's most accurate and reliable indicator of performance failures - Trusted Alarms™, announced today that it raised 11 million dollars in its second round of financing from Bessemer Venture Partners, Columbia Capital, Flagship Ventures, and Noro-Moseley. The investor representatives on Netuitive's board of directors are Duncan McCallum from Bessemer Venture Partners, Jane Dietze from Columbia Capital, and Roger Heinen from Flagship Ventures. The company also announced that it has named Nicola Sanna as president and CEO and is moving its company headquarters to Reston, VA.
"In this environment, enterprises are looking for quick time-to-value, clear ROI, and ways to leverage their existing infrastructure," said Duncan McCallum, general partner at Bessemer Venture Partners. "Netuitive's solution does all three - enabling IT to enhance application performance and reduce downtime while getting the most out of their previous investments in systems management software."
"The robustness and depth of this technology - coupled with the strength of the Netuititive team - creates a sizable barrier to entry for other competitors," said Jane Dietze, partner, Columbia Capital.
"Netuitive's patented math algorithms provide the necessary analytics to correlate various alarms in the data center and determine their holistic business impact," said Roger Heinen, managing director of Flagship Ventures and director on Netuitive's board. "CIOs and data center staffs that use the Netuitive technology no longer have to rack their brains trying to figure out which alarms are indicative of true threats to priority business application uptime."
Nicola Sanna is a proven executive with a multidisciplinary experience in high technology. In this role as president and CEO, he will manage daily operations and provide critical input on Netuitive's future strategic direction. Sanna was formerly CEO and President of e-Security, a leading enterprise security management company, and previously COO of Allen Systems Group, a successful systems management software company.
"We are pleased with the conclusion of our exhaustive search for Netuitive's leadership and we are excited to work with Nicola," said Bob Farzami, chairman of the board at Netuitive. "His proven experience in leading emerging software companies to success, combined with his expertise in systems management software, and his charismatic style made him uniquely qualified to establish Netuitive in one of the fastest growing segments of the software industry".
"The opening of our new headquarters in Northern VA's technology corridor puts Netuitive in a very fertile location, in terms of available talent pool and prospective customers," said Nicola Sanna, president and CEO at Netuitive. "It is also a very central location for travel, given the proximity to the Dulles International Airport, both for our employees and for visiting clients. As for every other business aspect, we want to make the interaction with Netuitive as easy and effective as possible and this location will facilitate this."
About Netuitive
Netuitive, Inc., based in Reston, VA, provides a next generation service management solution that sustains performance of the application infrastructure. Netuitive's patented software, Netuitive Analytics, empowers IT Operations to proactively manage performance problems before they impact availability of key business applications. Only Netuitive offers the industry Trusted Alarms™ - the most accurate and reliable indicators of impending performance problems. With Trusted Alarms systems administrators are able to sustain performance of the application infrastructure without incurring the costs of redundant hardware or additional skilled specialists. Netuitive Analytics replaces the error-prone process of setting manual thresholds with an automated, adaptive definition of normal systems behavior and dynamic thresholds. Further, automated statistical correlation and analysis results in the transformation of data into information for decision support. Netuitive Analytics is highly complimentary to current investments in best-of-breed systems management applications. Netuitive is funded by leading venture capital firms: Bessemer Venture Partners, Columbia Capital, Flagship Ventures, and Noro-Moseley.
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