Following a year of fast growth and accelerated customer adoption, Identify Software says it has secured $15 million in financing.
The round was co-lead by the venture capital funds of Star Ventures and Evergreen Partners Ltd., with participation by existing investors Earlybird, Formula Ventures, Infinity Funds, Intel, Mofet, NIF Ventures, UBS, and Vertex Venture Capital.
“Identify’s technology is transforming the application support process by helping support teams accelerate application problem resolution and reduce support costs across the entire support chain,” said Meir Barel, founder and principal managing partner, Star Ventures, who will become Chairman of the board. “The company’s strong financial performance and increased customer adoption is strong testimony that Identify’s technology is able to address the critical challenges of application support.”
During 2003, Identify says its market momentum accelerated with sales doubling from 2002 levels and the addition of more than 150 new customers from Fortune 2000 and leading software vendors.
“This has been a record year for Identify Software,” said Yochi Slonim, chief executive officer of the company.” While this funding round represents important validation for our leadership and vision in the application support software category, the accelerated customer demand for our products reflects the strength of our technology and the completeness of our solution.”
Identify says the $15 million investment will help the company continue to expand its global presence and promote its market leading application support software offering.
In the coming year, Identify says it plans to continue its global expansion and accelerate marketing and sales of its AppSight Application Support System, which automates and optimizes the application support process.
The company also says it will expand its offices in the United States, Europe, and Asia-Pacific to support its continued growth. U.S. operations are based in Raleigh, while international headquarters are in Israel.
Identify, formerly known as Mutek Solutions before 2002, was founded in 1996. It has raised a total of $48 million, including a $28 million round in 2001. In addition to its current investors, investors in Identify have included Mofet Israel Technology Fund, Clal Industries & Investments, and American Israel Corp.
Identify Software: www.identify.com