ObserveIT Raises $20 Million from Bain Capital Ventures
Investment to Expand Global Growth
NEW YORK, December 9, 2013-- ObserveIT, the leading provider of user activity recording and auditing software, announced today that it has raised $20 million from Bain Capital Ventures. Growing over 3,500% in the past five years, ObserveIT’s solution is used at more than 800 corporations in 70+ countries. ObserveIT will use the funding to expand U.S. headquarters and overall product development, sales and marketing.
ObserveIT is the only provider of the complete visual log via a software-only solution and provides the most comprehensive monitoring and insight into user activity that enables its customers to solve compliance, security and IT operational problems.
“Customers are finding that ObserveIT is the only solution that provides complete information of ‘who-did-what’ enabling full compliance, stronger security, and quick resolution of IT operational issues,” said Ben Holzman, managing director of Bain Capital Ventures. “In particular, customers noted that ObserveIT’s video playback provides context enabling speedy issue resolution and deep insight into user activity.”
“ObserveIT helps customers protect sensitive data, comply with government regulations and achieve peace-of-mind about how data is being used, accessed and managed,” said Gabriel Friedlander, CTO and co-founder of ObserveIT. “The significant investment from Bain Capital Ventures will help us reach broader audiences and additional industries, enabling us to offer the same level of security and peace-of-mind to a much wider marketplace.”
Awarded 3rd place in the Deloitte Technology Fast 50, ObserveIT has over 800 customers from an array of industries including financial services, manufacturing, telecommunications, government and gaming. Customers include such name brands as: GE Money, ING, Toshiba, Xerox, Coca-Cola, Samsung, T-Mobile, Vodafone, UPS, Fujitsu and Cisco. Partnerships with leading software companies like Citrix, CA and IBM also extend the reach of ObserveIT solutions.
ObserveIT, a leading provider of server monitoring and auditing technology, makes life easier for IT managers, security and compliance officers. Founded in 2006, ObserveIT’s fifth-generation system offers IT executives a method to clearly and easily understand who did what, when, within the corporate IT environment. ObserveIT enhances the ability to audit, monitor, track and record user behavior with real-time, context-aware video monitoring within the server. ObserveIT is currently in use in more than 800 corporations in 70+ countries, and has become a standard for many network environments with market-leading and enterprise-grade functionality. For more information on the company, visit www.observeIT.com or on Twitter @ObserveIT.
About Bain Capital Ventures
Bain Capital Ventures is the venture arm of Bain Capital, which has approximately $70 billion of assets under management worldwide. The firm's history of investing in early stage companies dates back to 1984 with over 125 venture investments since inception. Bain Capital Ventures manages approximately $2 billion of committed capital, has over 65 active portfolio companies, and has offices in Boston, New York, and Palo Alto. The firm's history of backing successful IT and software companies includes Solarwinds (SWI), LinkedIn (LNKD), Rapid7, Archer Technologies, Network Intelligence, AppAssure and Gartner. More information is available at www.baincapitalventures.com.
Laura Ackerman, 508-475-0025 x115
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