AmberPoint today announced that it has completed a $10.3 million round of funding.
The financing was led by new investor Meritech Capital Partners, with all previous investors—Crosslink Capital, Motorola Ventures, Norwest Venture Partners and Sutter Hill Ventures—participating on a pro-rata basis. This latest round of funding, which raises AmberPoint's total financing to $41.1 million, was based on a significant increase in valuation.
"Our style of investing targets late-stage companies that are best in class," said Mark Lockareff, venture partner at Meritech Capital Partners. "We've seen AmberPoint's performance in terms of revenue, customer traction, and their ability to establish the partnerships necessary to win in this market. Having tracked the SOA Web services market for several years now, we've evaluated many companies in this space and are very confident in AmberPoint's ongoing success."
AmberPoint will use the funding to expand engineering operations, customer support, sales and marketing. It will also continue its worldwide expansion. AmberPoint products are used in 63 countries around the globe, and are available in eight languages. AmberPoint leads its market with the most signed customers and the most customers in production of any company in the rapidly growing SOA runtime governance market.
"AmberPoint continues to deliver the financial metrics that attract and retain venture investors," said Bill Younger, managing partner at Sutter Hill Ventures. "The SOA management market continues to grow as more and more organizations migrate to services-based applications. AmberPoint is well positioned to expand its lead in this market, with innovative new solutions, deep partnerships with other industry leaders and a management team that's proven its ability to guide a company to success."
"This round followed the same pattern as our previous rounds—a new investor, an increase in valuation and participation from all existing investors," said John Hubinger, AmberPoint CEO. "We will be profitable this fiscal year, and will continue to generate positive cash flow. This round gives us great flexibility to manage our growth, so we're grateful to have the confidence of well respected investors backing our company."