Application intelligence company AppDynamics has secured USD158 million in growth financing from new investors led by General Atlantic and Altimeter Capital, with participation from Adage Capital, Industry Ventures, Goldman Sachs, and Cross Creek Advisors.
Existing investors IVP, Greylock Partners and Lightspeed Venture Partners also participated in the round.
“Virtually every business in every industry is going through a digital transformation to stay competitive and AppDynamics is at the heart of this transition,” says David Wadhwani, president and CEO of AppDynamics. “We are excited to partner with General Atlantic and Altimeter Capital, as well as our other investors, as we look to accelerate product innovation, expand our offering, and fuel our sales and marketing activities.”
In conjunction with General Atlantic’s investment, Robert Swan, an operating partner at General Atlantic and former CFO at eBay, Inc, will join the AppDynamics board of directors.
“As global business is transformed by the digital economy and enterprise infrastructure moves to the cloud, CIOs are re-architecting their organisations’ IT strategies to take advantage of this trend. AppDynamics sits at the centre of this shift, and is well-positioned to help enterprises make the digital transformation,” says Brett Rochkind, managing director and co-head of General Atlantic’s Internet & Technology Sector. “We are excited to partner with the AppDynamics management team and look forward to working closely with them to scale the business globally and build AppDynamics into the next great enterprise software company.”
Kevin Wang, partner at Altimeter Capital, says: “AppDynamics has transformed the way developers and IT teams deploy and run the business-critical software that drives the world today. We’re amazed by the vision, elegance, and power of AppDynamics’ products and services, which has resulted in so many happy and delighted customers. It’s an honour to work with the AppDynamics team as they continue expanding their next-generation Application Intelligence Platform and building an iconic enterprise software company.”
