Cloud management and IT operations specialist ScienceLogic on Monday confirmed a $15 million round of funding and also a new chief executive officer, both key to its expansion.
Founded in 2003, ScienceLogic's last major funding round was in April 2010, also $15 million. The most recent funding, a Series B round, was led by Intel Capital and saw participation from previous investor New Enterprise Associates. Global sales expansion, marketing and technology development are all funding priorities, ScienceLogic noted.
Along with the $15 million, ScienceLogic also has a new CEO: John Becker, a veteran of the network monitoring and security markets. Becker was previously CEO of Approva Corp. and also held chief executive positions at Cybertrust, TruSecure and AXENT Technologies.
Becker said it was an "opportune" time to join ScienceLogic.
"Both Intel Capital and NEA understand that as organizations move infrastructure and services to the cloud, it's critical to have unified, dynamic management of IT service delivery across all computing and application resources used no matter where they reside," Becker said in a statement. "We see this as confirmation of the strength of our platform and our superior approach to IT management in the 21st century."
David Link, ScienceLogic's co-founder and CEO until Becker's appointment, will remain as the MSP's chairman.
"John has a tremendous track record of capitalizing on strategic market opportunities and leading his companies to prominence, so ScienceLogic is fortunate to have attracted someone of his caliber at this stage of our development," Link said.
ScienceLogic has continued to add to its flagship EM7 monitoring and management platform with capabilities such as video management software. According to Steve Harriman, senior vice president of marketing, the company has seen a 64 percent compound annual growth rate and now has about 100 employees. About 25 percent of its business is federal government customers, and about two-thirds of its business goes through the channel.