January 03, 2011 06:00 ET
Skytap Secures $10 Million to Accelerate Business Growth for Cloud Automation
OpenView Venture Partners Leads Round With Participation From Current Investors -- Ignition Partners, Madrona Venture Group and Washington Research Foundation
SEATTLE, WA--(Marketwire - January 3, 2011) - Skytap, the leading provider of self-service cloud automation solutions, today announced an oversubscribed $10 million Series C round of funding led by OpenView Venture Partners with participation from existing investors Ignition Partners, Madrona Venture Group and Washington Research Foundation. The investment will be used to scale sales and marketing, and accelerate innovation of the company's flagship cloud automation platform. Scott Maxwell, senior managing director of OpenView Venture Partners, will join Skytap's board of directors.
"After evaluating the emerging cloud market it became very clear that Skytap is a driving force in cloud automation and a breakout success in every sense of the word," said Scott Maxwell at OpenView Venture Partners. "The company's market leading cloud automation solutions are some of the most complete and well-received offerings on the market. We're eager to contribute to Skytap's future growth and lead this round of funding."
Since its launch in 2006, Skytap has broadened its portfolio of cloud solutions and built a comprehensive cloud automation platform. Based on the breadth of its offerings and rapid customer adoption, Skytap has experienced both usage growth and year over year revenue growth of more than 300 percent.
"Skytap had a tremendously successful year and we are enthusiastic about what's to come as we refuel for aggressive execution on all fronts," said Scott Roza, CEO of Skytap. "Hundreds of customers have chosen Skytap for their cloud automation needs and these same customers frequently double or triple their users and usage after just a few months. This funding will enable us to expand our current customer relationships, further build out our sales team, and develop new solutions that help customers accelerate their transformation to the cloud."
"Since our first investment in Skytap, we've been extremely impressed with the company's ability to routinely exceed its business and revenue goals," said Matt McIlwain, managing director at Madrona Venture Group. "Over the last year, Skytap has also delivered against key product milestones that position the company well for its next stage of growth. We're proud to invest in Skytap's future and support the company as it continues to build its reputation as one of the most innovative technology companies."
Along with this funding and the company's rapidly growing customer roster, Skytap has received numerous accolades based on the superiority of its cloud automation technology. Recent awards include: SD Times 100, Red Herring 100, AlwaysOn OnDemand Top 100, SearchCloudComputing Top 10 Cloud Computing Startups and the 2010 Best of VMworld finalist. Skytap has built one of the strongest partner networks in the cloud industry enabling Fortune 1000 enterprise customers and government and defense agencies to accelerate their transition to the cloud. Earlier this year, Skytap was selected by Google as a cloud partner for the Google Apps Marketplace launch, and global IT leader CSC selected Skytap to power its prestigious CloudLab offering.
About Skytap, Inc.
Skytap is the leading provider of self-service cloud automation solutions for dynamic workloads. Skytap enables users to run enterprise applications unchanged in the cloud, collaborate securely with global teams, and gain unparalleled business productivity. Additionally, IT organizations can gain visibility and control over cloud projects, align capacity with demand, and reduce costs by 70% or more. Enterprises can securely connect Skytap to their data centers and create virtual private clouds. Skytap is ideal for any dynamic workload including application development, testing, virtual training, application migration and sales demonstration projects. To buy or learn more, visit www.skytap.com.
About OpenView Venture Partners
OpenView Venture Partners is an expansion stage venture capital fund with a focus on high-growth software, Internet, and technology-enabled companies. Through its staff of seasoned operating executives, OpenView helps portfolio companies to quickly scale Product, Go-To-Market, and Organizational and Operational functions with best practices. The firm was founded in 2006 and has total capital under management of approximately $240 million. OpenView recently launched its new operational value-add content site at www.openviewlabs.com. OpenView Venture Partners is based in Boston and invests on a worldwide basis. To learn more, please visit www.openviewpartners.com.