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Hyperic Closes $6 Million in Series B Funding Round
Rapid customer and community growth demands aggressive expansion strategy
San Francisco, CA – June 5, 2007 – Hyperic Inc., the leader in multi-platform, open source systems management, today announced that it has secured $6.1 million in a second round of venture capital funding led by Benchmark Capital with Accel Partners. Bootstrapped by the co-founders since 2004, Hyperic raised an initial $3.8 million round in May 2006 from the same two investors. Since January 1, Hyperic's customer portfolio has increased by 100 percent and its community based deployments have expanded by more than 625 percent.
"Through its innovative architecture and use of open source, Hyperic successfully fills an unmet market need – providing management tools for today's 'always-on' environments characterized by online services," said Peter Fenton, general partner at Benchmark Capital. "Hyperic is an early leader and is disrupting entrenched proprietary software vendors. It was important that Benchmark increase its strategic stake in the company and help Hyperic capitalize on the tremendous opportunity to advance the market of systems management."
The pre-emptive round of funding will enable Hyperic to aggressively expand its product portfolio and customer support to keep pace with rapid adoption of its Hyperic HQ product line. Since launching in March 2004, Hyperic has grown from the five original founders to more than 25 employees. In the same time frame, the company has grown from three charter customers to more than 300 enterprise customers – including eHarmony, Ask.com, Hi5, Ogilvy and Mather, and MyNewPlace.com – and has a full pipeline. Additionally, Hyperic has OEM agreements with technology leaders MySQL, JBoss and MuleSource.
"We're privileged to be working with investors that understand the potential for Hyperic and are committed to giving us the resources we need to keep up the aggressive pace required to win in this market," said Javier Soltero, CEO of Hyperic. "So far, the market has been extremely receptive to our approach, and we're excited to continue to expand the adoption of Hyperic to help IT gain control over their data centers."
Hyperic's flagship product, Hyperic HQ, is the industry's only systems management software designed for the complex, always-on, always-evolving data centers that power today's online businesses. Characterized by highly tailored and seamless web-based user experiences with rigorous uptime requirements, online service providers typically deploy emerging technologies in highly customized environments. Hyperic HQ provides cross-stack visibility and management for technology in production, whether it's open source, commercial, or a hybrid. As a result, whether internally or externally focused, IT providers can centrally manage the fast-moving technologies of the demanding online services market – effectively avoiding costly downtime and streamlining staffing needs.
About Hyperic Inc.
Hyperic (www.hyperic.com), provides the only open source systems management software purpose-built for the fast-moving online services market. Hyperic's software provides unprecedented cross-stack visibility and helps enterprises to pinpoint, correct and prevent problems at every layer – including hardware, networks, virtualization, middleware and applications. Hyperic's technology-neutral approach supports innovation by enabling manageability across technologies in the market today as well as those of tomorrow. Hyperic's software manages enterprises of all sizes, including Hi5 Networks, Ogilvy & Mather, eHarmony.com, and more. Founded in 2004 and headquartered in San Francisco, California, Hyperic is a private company funded by Accel Partners and Benchmark Capital.