Scottish Equity Partners (SEP) has led a $27 million Series C funding round for Tideway, one of the fastest-growing providers of IT automation software.
The latest funding round included follow-on investments from APAX, senior management and other existing investors and brings the total equity investment in Tideway to $37.5 million.
Tideway has developed leading-edge application dependency mapping (ADM) software which gives clients an accurate picture of all the equipment and software in their data centre by continuously mapping applications and their interactions with critical business processes.
Tideway’s ADM software enables companies operating large numbers of servers and systems to reduce costs and to manage energy consumption more efficiently.
The company, which is headquartered in London and New York, will use the proceeds to drive new customer acquisition and to expand its partner network. It will also invest in product innovation to meet escalating demand for data center optimization as global enterprises seek to reduce IT costs and operational risk while remaining competitive with new product and service offerings.
Fearghal O’Riordain, a Partner with SEP said: “Tideway has already demonstrated a clear leadership position with the most widely deployed application dependency mapping (ADM) solution in the industry. The market is still in an evolutionary phase with much innovation and growth still to come. Tideway is very well positioned to capitalize on that and secure its position as the dominant player in an expanding category.”
In the last year Tideway doubled its installed customer base and dramatically increased revenue. The company, whose clients include Dresdner Kleinwort Benson, ING, Linklaters and Mizuho Bank, has added new clients in sectors including financial services, telecommunications, manufacturing, pharmaceuticals and government.
Richard Muirhead, Founder and CEO of Tideway said: “Enterprises today need a fresh alternative to the traditional legacy IT management framework vendors who are often hamstrung by M&A activity, which leaves them more focused on integration than innovation. This round allows us to continue meeting demand for simple solutions that help firms large and small cut data center costs and reduce operational risk.”
