SOASTA Closes Fiscal Year with New $30M Funding Round and Record Quarter
New Digital Performance Management Platform Fuels Growth
MOUNTAIN VIEW, Calif., March 24, 2016-- SOASTA, the leader in performance analytics, announced today the highlights and accomplishments of its most recent fiscal year, which ended January 31. In a record-setting fourth quarter, the company generated its highest quarterly bookings, closed its highest number of new logos and completed a new debt funding round of $30 million led by a mix of new and existing investors.
“Our performance demonstrates our company’s clear leadership in the online retailing space specifically and in performance analytics overall,” said SOASTA CEO Tom Lounibos. “The tremendous efforts of our team, combined with growing market awareness, culminated in a great year and a historic quarter for all of us here at SOASTA. What we are seeing now is the beginning of the golden age of digital performance management, and SOASTA is leading the charge.”
SOASTA has added another $30 million in capital to its war chest. Led by Tennenbaum Capital, along with existing investors Canaan Venture Partners, Pelion Venture Partners and Formative Ventures, the new round of funding will be used to restructure existing debt and provide additional growth capital to continue to drive SOASTA's leadership in the Digital Performance Management (DPM) space.
SOASTA's leadership position in the emerging multi-billion-dollar DPM market is well-defined, with more than 35,000 registered users of SOASTA's performance analytics platform. These users include more than 500 of the largest digital brands in the world, with six of the top 10 media companies, seven of the top 10 tech companies and 49 of the top 100 Internet retailers.
SOASTA will use this new capital to ramp its robust growth, which is being driven largely by the importance of performance and the customer experience to doing business successfully and profitably online. “There is clearly an empirical relationship between the customer experience and digital performance,” Lounibos said. SOASTA's award-winning, industry-leading products, such as its Real User Monitoring (RUM) solution mPulse and CloudTest platform (the largest digital test platform in the world), continue to be the industry standard for the DPM space. “SOASTA's innovative approach to capturing, analyzing and using performance-related data has given customers a competitive advantage in crowded eCommerce markets,” Lounibos said.
A Momentous Quarter
SOASTA added a record 63 new customers in the fourth quarter, for a total of 196 new customers in the fiscal year. New customers in the top 100 Internet retailer brands include Barnes & Noble, FreshDirect, Ancestry.com, 1-800 Contacts and REI. SOASTA now has 49 of the top 100 Internet retail brands.
Additionally, in 2015 SOASTA reached more than 35,000 registered users for its flagship product CloudTest, while SOASTA’s mPulse community grew 140 percent YoY.
The Golden Age of DPM
The announcement of SOASTA’s yearly and quarterly performance follows the launch of the SOASTA DPM platform, which introduced a series of enhancements and services to help digital businesses meet the growing demand for the ultimate measure of performance – the customer experience.
“Operations teams are seeking something more than application performance management (APM) as we know it—and some vendors are starting to provide it,” according to the February 2016 Forrester Research report, “Brief: Take Application Performance To The Next Level With Digital Performance Management.” The report further explains that performance insights will become democratized. “Marketing, eCommerce, product teams, and services teams will realize the value of performance in optimizing customer interactions, which will push I&O teams to deliver a DPM approach.”
The Online Performance Decade
According to Lounibos, the company’s growth is a result of market shifts and the increasing importance of online performance. “As our company celebrates its tenth anniversary this month, we are now seeing that the market is placing more value than ever on the attributes we stand for, including agility and speed,” he explained. “Simply stated, SOASTA is in the right spot at the right time. Performance management, where every millisecond of every user experience matters, will define the future of our digital customers.”
SOASTA is the leader in performance analytics. The SOASTA platform enables digital business owners to gain unprecedented and continuous performance insights into their real user experience on mobile and web devices in real time and at scale. With more than 100 million tests performed and more than 200 billion user experiences measured, tested and optimized, SOASTA is the digital performance expert trusted by industry-leading brands, including 49 of the Top 100 Internet retailers, six of the Forbes Top 10 media companies and seven of the Forbes Top 10 tech companies, including Apple, Target, Nordstrom, Staples, Home Depot, Sears, Walmart, Etsy, Nike, Best Buy, Adobe, Intuit, Microsoft, DIRECTV, Netflix and CBS. SOASTA is privately held and headquartered in Mountain View, Calif. For more information about SOASTA, visit http://www.soasta.com.
Gaby Perez-Silva, 650-390-6700
Venture Capital Database