Framingham, Ma | March 16, 2010 – Correlsense, a provider of business transaction management solutions, today announced $8 million in new financing. Accel Partners led the Series B round, which also included funds from Correlsense’s existing investors Vertex Venture Capital, eXceed Technology and ProSeed Ventures. The new financing will support Correlsense’s continued work in redefining the existing application performance management market, growing its customer base, and further developing its distribution channels with partners in North America and Europe.
Correlsense provides IT teams with everything they need to effectively manage, analyze and audit their IT systems’ performance and management initiatives so they can better anticipate their customers’ and employees’ needs. Correlsense lets IT departments provide greater value to the companies they support by giving them all the data necessary to effectively manage service level agreements (SLAs), performance, capacity planning, change management and chargebacks, which ultimately results in improved bottom line revenues, brand loyalty and customer satisfaction.
Accel Partners, one of the world’s leading venture capital firms whose investments have included Facebook, JBoss, Remedy, SupportSoft, Veritas, Wily, XenSource and more, finances emerging companies that share Accel’s vision for being first to define a market category and transform industries. Accel Partners funded Correlsense because of the company’s vision for improving the way enterprises manage their IT systems and performance, sparking a new, stand-alone market category within application performance management.
Commenting on the investment, Bruce Golden from Accel Partners said, “We like to partner with talented and ambitious management teams building category-leading businesses. Correlsense has already created cutting-edge technology that we believe will redefine the market for application performance management. Our goal is to help the team build on their current momentum and evolve into a more global business.”
What traditional performance management products achieve in months, Correlsense’s SharePath solution can do in minutes because the company offers a complete view of all applications and systems from a transactional and end-user point of view. Building on the premise of Business Transaction Management (BTM), Correlsense provides a holistic look at end-users, applications, infrastructure and business transactions instead of managing individual components and systems. Correlsense has been recognized by industry analyst firm Gartner both as a Cool Vendor (March 2, 2009) and as an Application Performance Monitoring (APM) Innovator (March 2, 2010).
“Working with industry leader Accel Partners validates our vision and the market need for a game-changing approach to IT performance management,” said Oren Elias, CEO and co-founder of Correlsense. “Our goal is to help IT departments understand the business value of their applications and infrastructure from a transactional point of view to ensure greater IT reliability and service.”
Accel Partners’ Golden is a member of the Correlsense board of directors, providing guidance and direction on future growth and customer expansion. Golden has both extensive operational and investing expertise in enterprise software, and has been involved in a number of companies in the data management, analytics and systems management market, including comScore (SCOR), Itemfield (acquired by Informatica), QlikView and SupportSoft (SPRT). Golden is an active member of the World Economic Forum.
For more information on Correlsense’s investors:
Correlsense SharePath provides a breakthrough in IT Reliability™ by enabling for the first time both a bird’s-eye and detailed view of how business transactions perform across the four dimensions (4D) of end-users, applications, infrastructure and business processes. While other service management and performance management applications focus on identifying problems at individual components (servers, data bases, etc.), SharePath automatically detects and traces each entire transaction path, from a click in the browser through all its hops across data center tiers. With the ability to record and correlate individual transaction activations across both physical and virtual components, IT gains full visibility of the transaction metrics required to ensure IT Reliability™ for packaged, homegrown, and hosted applications. The rich data from SharePath is used by major enterprises to rapidly pinpoint and solve problems and to gain unprecedented insights for their IT Service Management initiatives such as ITIL. For more information please visit http://www.correlsense.com/.
About Accel Partners
Founded in 1983 and with offices in Palo Alto, London, Bangalore and China (via the IDG-Accel Partnership), Accel Partners has a history of excellence and innovation in the venture capital business. Accel is dedicated to partnering with outstanding entrepreneurs and management teams to build world-class internet and technology businesses. Category-defining companies backed by Accel include Admob, Actuate, Agile Software, Alfresco, Arrowpoint, BBN Technologies, BitTorrent, Brightcove, Brightmail, ComScore, Facebook, Foundry Networks, Gameforge, GlamMedia, Infinera, Interwoven, JBoss, Kayak, Macromedia, metroPCS, Playfish, Polycom/PictureTel, QlikTech, Real Networks, Redback Networks, Remedy, Riverbed, SupportSoft, UUNet, Veritas, Walmart.com, Wily Technology, XenSource and Zimbra. For more information, please visit the Accel Partners website at http://www.accel.com/.