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DynamicOps secures USD11m in venture funding

DynamicOps, a provider of private cloud automation software, has closed USD11 million in venture funding. The Series B round was led by Sierra Ventures, while Next World Capital participated, joining Credit Suisse’s Next II venture group in ownership.

The company also added industry veterans Les Yetton and Paul Silver to its executive team, and Mark Fernandes to its board of directors.

These announcements follow on the heels of a record 2010, in which DynamicOps reported 200% year-over-year revenue growth and a 115% increase in new customers, while 75% of its existing customers expanded their implementations. The company attributes this growth to tremendous demand for its private cloud automation solutions. According to IDC, the market for private cloud solutions is expected to rise from USD2.6 billion in 2009 to USD5.7 billion in 2014. The rapid adoption of virtualisation technology is driving demand for private, as well as public, cloud solutions, forcing IT organisations to reassess how they control, monitor, provision and optimise resources.

"Economic volatility combined with increasingly complex technology infrastructure have created the perfect storm for private cloud computing. After speaking with many enterprises — including DynamicOps customers that are leaders in the financial services and technology industries –we validated that DynamicOps is uniquely positioned to capitalise on the tremendous pent-up demand for more efficient provisioning and management of IT resources. We’re excited to help them address this enormous opportunity," says Mark Fernandes, Managing Director of Sierra Ventures.

Craig Hanson, Partner, Next World Capital, says: "DynamicOps’ understanding of the challenges customers face and its ability to deliver exactly what they require is evident in the growth the company has already achieved. And by broadening its accomplished executive team with industry veterans who have helped build ground-breaking companies, we’re confident that DynamicOps will realize even greater success in the coming years."

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