SevOne Announces $50 Million Financing Round Led by Westfield Capital Management and Bain Capital Ventures
SevOne , the leading global provider of digital infrastructure management solutions, today announced a $50 million Series C financing round led by Westfield Capital Management and Bain Capital Ventures. Brookside Capital, HarbourVest, VT Technology Ventures, and Osage Venture Partners also participated in this round. SevOne will use the financing to accelerate its growth through new technologies and markets, meeting the growing demands of organizations transforming their business for the always-on mobile economy and the Internet of Things (IoT).
The funding comes at a time when mobility sits at the heart of a new and vibrant ecosystem that is uniting the digital and physical worlds. New mobile and broadband connectivity, coupled with ever-expanding virtualized cloud services, are driving the mobile economy and creating a flood of data. Organizations are continually under pressure to interpret this data to unlock real-time business opportunities, reveal competitive differentiators, or optimize everyday operations. Legacy management solutions weren’t built for the mobile economy, and simply can’t provide the power required to deliver real-time insight and business value. The patented SevOne Cluster™ architecture solves this fundamental problem, arming the world’s top carriers and enterprises with solutions to harness the power of their digital infrastructure and deliver on the promise of the mobile economy.
“We are thrilled to invest in SevOne and help them continue on their rapid growth trajectory,” said Will Muggia, CEO of Westfield Capital Management. “We believe their massively scalable data aggregation platform, which is being used by the world’s largest enterprises and service providers, is highly differentiated and disruptive to the digital infrastructure management market.”
Bain Capital Ventures originally invested in SevOne in 2012. The funding fueled the expansion of the company’s alliance network and product ecosystem to support the customer journey to new mobile technologies (4G LTE) and the rapid adoption of virtualization technologies such as software-defined networks (SDN), network functions virtualization (NFV), and software-defined data centers (SDDC). Since that time, SevOne has matured its global leadership position in several key markets, including:
- 40% of the top technology companies
- 50% of the top fixed and mobile broadband carriers
- 60% of the top investment services firms
“SevOne’s patented architecture is transforming the way the world’s largest enterprises and service providers are managing their digital infrastructure,” said Ben Nye, Managing Director at Bain Capital Ventures. “The company’s rapid growth is driven by forward-thinking companies needing to collect all the data across their end-to-end digital infrastructure in support of mission-critical services.”
SevOne is poised for another year of rapid growth. The company continues to invest in its Delaware roots, constructing a 48,000 square foot, state-of-the-art research and development center on the University of Delaware's Science, Technology and Advanced Research (STAR) Campus in Newark, Delaware. The STAR campus facility opens in October, and will build upon the company’s vision of developing next-generation technologies and pushing the boundaries of digital infrastructure management for SevOne customers.
“The opportunities and challenges of managing digital infrastructures have never been greater,” said Jack Sweeney, SevOne CEO. “SevOne is uniquely positioned to capitalize upon this demand, allowing the world’s largest datacenter and network operators to unlock the true business potential of their digital infrastructure.”
For more information, please visit www.sevone.com .
SevOne is the leading global provider of digital infrastructure management solutions. The patented SevOne Cluster™ architecture arms today’s largest data center and network operators with solutions to harness the power of their digital infrastructure and deliver real-time knowledge and insights. With a new state-of-the-art research and development center on the University of Delaware's Science, Technology and Advanced Research (STAR) Campus, SevOne has additional offices in Boston, Philadelphia, London and Bulgaria. Backed by Westfield Capital Management, Bain Capital Ventures, Brookside Capital, HarbourVest, VT Technology Ventures, Osage Venture Partners, SevOne was named a Visionary in Gartner's 2015 Magic Quadrant for Network Performance Monitoring and Diagnostics. More information can be found at www.sevone.com . Follow SevOne on Twitter at @SevOneInc.
About Westfield Capital Management Company, L.P.
Westfield Capital Management Company, L.P., founded in 1989, is an SEC-registered investment adviser that specializes in providing quality investment management services to institutions and wealthy individuals. The firm supervises domestic growth equities, with products focusing on each segment of the capitalization spectrum. Its investment professionals employ a disciplined fundamental approach to research, yet the investment process is designed to be flexible and responsive to changes and opportunities in the market.
Bain Capital Ventures
Bain Capital Ventures (BCV) provides seed through growth capital for companies focused on technology and technology-enabled services primarily for enterprise customers. BCV invests across stages in leading infrastructure and application software businesses. Select BCV investments include BloomReach, BillTrust, Docusign, Gainsight, Infusionsoft, Kiva Systems, LinkedIn, Optimizely, Rapid7, SolarWinds, SurveyMonkey. TellApart and VMTurbo. As the venture capital affiliate of Bain Capital, a leading global alternative assets firm, BCV has partnered with more than 200 companies since 1984 to start, build, commercialize and grow their businesses. BCV has approximately $3 billion of assets under management and has offices in the Bay Area, New York City and Boston. Follow BCV at @BainCapVC or visit the website at www.baincapitalventures.com .
About Brookside Capital
Founded in 1996, Brookside Capital is one of the world’s leading global long/short hedge funds and is part of Bain Capital. Our experienced team consists of industry oriented professionals, many of whom bring management consulting or direct operating experience as part of their experience set.
We are principal investors and we employ a fundamental bottom-up research process to identify the best long-term investment opportunities across the globe. Our analysis focuses on industry attractiveness, competitive positioning and overall management capability.
About Osage Venture Partners
Osage Venture Partners (OVP) is a venture capital firm located just outside of Philadelphia, PA that invests in early-stage business-to-business (B2B) software companies headquartered on the East Coast. OVP raised its first fund in 2005, and has invested almost exclusively in B2B software companies since that time. With over $100M under management, OVP seeks to invest in determined and creative entrepreneurs and provide them with the assistance required to build high growth businesses. For more information, visit www.osagepartners.com/ventures .
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