AppNeta, a provider of cloud-delivered services for IT performance management, has raised $16 million in Series C funding led by Bain Capital Ventures, Egan-Managed Capital, JMI Equity and Business Development Bank of Canada.
AppNeta solutions are designed to bridge the divide between applications and networks, and the IT organizations managing them. The new injection of funds will be used to build on the Boston-based company’s growth in the Software-as-a-Service (SaaS (News - Alert)) performance management market, according to Jim Melvin, CEO at AppNeta.
“We have seen remarkable growth across our business during the past two years demonstrating a growing demand for SaaS-delivered performance management solutions,” Melvin said in a statement. “Our customers know they can’t tolerate poor performing applications. They need complete, end-to-end visibility to assure optimal performance and end-user experience of all applications across all locations.”
Last year, AppNeta acquired Tracelytics, adding full-stack, SaaS-delivered APM (News - Alert) technology to the performance management portfolio. During the 12 months, the firm has experienced significant recurring revenue growth of more than 150 percent.
The AppNeta technology and SaaS product portfolio has expanded to include:
AppNeta is the first company to unify full stack application insight, comprehensive end-user monitoring, and 360-degree network performance insight to assure exceptional end-user experience and the successful delivery of business-critical applications – according to Ben Nye, managing director at Bain Capital Ventures.
“Exceptional application delivery and end-user experience depend on understanding the performance of both the network and the applications running on it,” Nye said. “AppNeta is leading the market in converging application and network performance management, offering detailed application level performance data together with deep network performance insight. AppNeta is bringing customers end-to-end performance visibility they simply have never had before.”
In November 2012, AppNeta unveiled a new Internet speed testing tool called SpeedCheckr, designed to resolve performance-related issues more quickly and accurately by measuring Internet speed from multiple targets, to assure that users always have the historical performance data they need when performance problems arise.