Originally published on Globe Newswire here
SAN JOSE, Calif., Jan. 30, 2020 (GLOBE NEWSWIRE) -- OpsRamp, service-centric AIOps platform for hybrid enterprise IT operations, today announced the closing of its latest round of investment led by Morgan Stanley Expansion Capital, and with new investor Hewlett Packard Enterprise (HPE). OpsRamp will use the investment to grow and scale the industry’s first cloud-based platform for discovery, monitoring, and automation of hybrid, multi-cloud, enterprise environments.
This funding round also includes a second investment from Sapphire Ventures. It marks the close of a successful 2019 that saw 300% net new annual recurring revenue (ARR) growth with the addition of many new customers and partners to the platform. These companies are using the OpsRamp platform for a variety of use cases, including hybrid infrastructure monitoring, incident management, AIOps, and a digital operations command center.
“Today, every company has a mission-critical reliance upon software. We see tremendous opportunity in equipping IT operations teams with the next generation platform they need to maintain software availability, business service performance, and to use automation and artificial intelligence to work efficiently and effectively across hybrid, multi-cloud environments. We’re excited to partner with OpsRamp to build their leadership position as this category continues to grow,” said Pete Chung, head of Morgan Stanley Expansion Capital.
Paul Glaser, Vice President and Head of Hewlett Packard Pathfinder, had this to say about their commitment to the company: “As more of our customers transition to hybrid infrastructure, we find the OpsRamp platform to be a differentiated IT operations management offering that aligns well with the core strategies of HPE. With OpsRamp’s product vision and customer traction, we felt it was the right time to invest in the growth and scale of their business.”
“We’re delighted to continue our commitment to OpsRamp and their mission of transforming IT teams into the drivers of digital transformation for modern enterprises,” said Nino Marakovic, CEO and Managing Director of Sapphire Ventures. “The company’s growth and trajectory is impressive, and I believe that signals they’re addressing the right need at the right time.”
“The business opportunity for OpsRamp is tremendous,” said Varma Kunaparaju, co-founder and CEO of OpsRamp. “Modernizing legacy IT operations management, technology debt, and supporting digital transformation is where our platform drives value to the enterprise. Point tools aren’t enough to support the monitoring and management of today’s hybrid, multi-cloud environments. This funding will drive the growth and scale we need to deliver on this vision.”
Gartner research forecasts strong growth in this segment. Their most recent report on worldwide IT operations market share indicates “The IT operations management software market grew 12.4% in 2018, reaching $28.3 billion...Traditional on-premises ITOM tools will continue to face new challenges and competition from infrastructure, platform and open-source software (OSS) vendors that bring not only focused technology to market, but also alternative business models, such as cloud services, subscription for on-premises deployment and utility-based pricing schemes.“
With over 1,400 customers using the OpsRamp platform worldwide, OpsRamp continues to help enterprises and managed service providers transform into service-centric organizations and deliver digital customer experiences that meet business goals. The platform also continues to build a thriving marketplace of alliances with AWS, ServiceNow, Google Cloud Platform, and Microsoft Azure.
About OpsRamp OpsRamp enables IT to control the chaos of managing their hybrid IT operations and act like a service provider back to the business. Built in the cloud, the OpsRamp service-centric AIOps platform drives total visibility across hybrid infrastructures, offers complete multi-cloud infrastructure monitoring and management of business-critical services, and optimizes services through automation and integration with ITSM and DevOps tools. Now enterprise IT can deliver IT operations as a service and power a digital operations command center that’s built for the challenges of modern, hybrid infrastructure.