June 10, 2010 08:00 ET
Blazent Raises $10M in New Funding
SAN MATEO, CA--(Marketwire - June 10, 2010) - Blazent, the leader in IT Outsourcing Governance, today announced the company has secured an additional $10 million in funding from HighBAR Ventures, KeyNote Ventures, Walden Venture Capital, and Catamount Ventures. The new funding will support continued growth and expansion into new markets at a time when governance has become a fundamental requirement in the success of IT outsourcing contracts.
Today, Blazent helps the largest service providers in the world manage over $32 Billion per year in outsourcing spend. Providers including CSC, HP Enterprise Services, and IBM Global Services use Blazent to help deliver and monitor successful engagements around the world.
"The $300 billion IT outsourcing market runs on ever-changing data from many operational systems. Data from these systems is grossly inaccurate which leads to incorrect billing, security risks and missed expectations," said Gary Oliver, CEO of Blazent. "Blazent provides a single source of truth that eliminates these issues and the resultant disputes."
This new round is led by HighBAR Ventures, a venture capital firm created by founders of Sun Microsystems. "Lack of visibility results in a lack of trust between IT outsourcing providers and their customers," said Roy Thiele-Sardiña, Managing Partner at HighBAR Ventures. "With Blazent, we see an exciting opportunity to grow the entire IT Outsourcing market by taking the friction out of the client-provider relationship." Mr. Sardiña will be joining the board along with Matt Miller from Walden Venture Capital, Mark Silverman of Catamount Ventures and John Kim of HighBAR.
Blazent's IT Outsourcing Governance solutions are used by some of the largest service providers in the world to gain visibility and decrease costs. Over 1.6 million outsourced desktops and servers are tracked by Blazent for companies spending a total of $32 Billion a year on outsourcing services. With over $300 Billion spent on IT outsourcing each year, Blazent provides critical visibility into billing accuracy and operational compliance. For more information, please visit www.blazent.com.