Agitar Software Secures $10M Financing to Accelerate Technology Development
MOUNTAIN VIEW, Calif., Jan. 17, 2006—Agitar Software, the leader in enterprise developer testing, today announced it has secured $10 million in Series C financing. New investor Globespan Capital led the financing round with participation from current investors Sequoia Capital and New Enterprise Associates (NEA). The new financing will be used for additional product development, marketing activities, and continued international expansion.
Venky Ganesan, a managing director at Globespan Capital, joins Agitar’s board of directors as part of this investment. “Globespan has chosen to partner with Agitar due to its innovative products, compelling vision, and clear market leadership in the rapidly-growing market for automated developer testing solutions,” Ganesan said. “Agitar has barely scratched the surface with its technology and is poised to make a real difference in software development. We are excited to back this team.”
“Agitar delivers a remarkable product that brings real business benefit to its customers,” said Doug Leone, partner at Sequoia Capital. “The company has made terrific progress, winning more than 100 customers since first shipping its product, and just completing its eighth quarter of sequential revenue growth. Sequoia is delighted to increase its investment in Agitar.”
“Since NEA led Agitar's second round financing, we have seen incredible progress in the number of customers, deal size, and demonstrable economic benefits from Agitar's solution,” said Peter Morris, general partner at NEA. “Agitar has the breakthrough technology, market momentum, and a world-class team to make the Global 2000 much more effective in writing and enhancing the software on which their business processes and products depend.”
Agitar’s award-winning Agitator™ product eliminates most of the manual work associated with developer testing, the practice in which developers test their software as they write it. Agitar Management Dashboard gives development teams precise and objective information about the status of quality at the level of individual code units. The unprecedented level of automation and visibility provided by Agitar’s solution makes widespread adoption of developer testing practical for the first time.
“Agitar is thrilled to add Globespan Capital as an investor,” said Jerry Rudisin, CEO of Agitar. “Venky and his partners immediately saw our vision, and share our passion for improving how software is developed. The additional capital from Globespan, Sequoia, and NEA will enable us to accelerate the development of our technology and achieve our goal of universal adoption of developer testing because Agitar makes it practical and compelling.”
About Globespan Capital:
Globespan Capital Partners is a leading global venture capital firm investing in information technology companies. The firm is focused on a balanced investment strategy across all segments of the IT sector. With offices in Boston and Palo Alto, as well as a business development office in Tokyo, Globespan is uniquely positioned in the US venture capital industry to provide portfolio companies access to global markets, customers, and partners.
About Agitar Software:
Agitar, the leader in Developer Testing technology, improves software quality and lowers development costs by helping developers actively test their own code. Agitar’s products help developers deliver up to six times more new code per person-day, reduce the number of defects by up to 90 percent, and create software that is a flexible business asset. Thousands of users at Avaya, Bear Stearns, Cisco, EDS, Fujitsu, GE Healthcare, Honeywell, Northrop-Grumman, NTT Data, Siemens Medical, webMethods, and other quality-conscious organizations use Agitar to improve the economics of in-house, outsourced, and offshored software projects. Agitar is a privately held company based in Mountain View, Calif. For more information, please visit agitar.com.
### |
