SevOne, a technology company based in Pike Creek, Del., has obtained a $150 million investment from Bain Capital.
The funding is good news in Delaware’s effort to attract and retain technology firms in the state.
The company’s technology monitors information technology systems. In announcing the funding, SevOne also disclosed it closed 2012 with its sixth consecutive year of record financial results. The company’s results were driven by existing customers adding more elements to manage their burgeoning networks as well as adding a record number of new customers. No financial figures were disclosed.
“SevOne is the only solution that enables its customers to see all services in real-time within global distributed networks of any scale. The world’s largest and most sophisticated customers choose SevOne for its fast time to value and unique peer to peer architecture that scales to address big data network growth,” said Ben Nye, managing director at Bain Capital Ventures.
“We were attracted by the incredibly high satisfaction levels of SevOne’s customers, the unique differentiation of their technology, and the talented management team. We look forward to partnering with the SevOne team to maintain their growth and accelerate their go to market operations,” said Ben Holzman, partner, Bain Capital Ventures.
SevOne provides an IT monitoring and reporting solution that can monitor and manage any IT infrastructure, regardless of its complexity.
“SevOne is thrilled to partner with Bain Capital as we take the company to the next level,” said Mike Phelan, CEO, SevOne. “The investment caps a highly successful 2012 for SevOne. Our bookings doubled year over year, profitability increased significantly and our customer base doubled.”
Phelan told the Philadelphia Business Journal proceeds would be used to pay off previous investors in the company and prepare for an initial public offering of stock.
Last year a grant from the state’s Strategic Fund for nearly $500,000 was approved for SevOne. The money is to be used to expand the company’s headquarters. As of September, the company had 122 employees.
Pacific Crest Securities served as financial advisor to SevOne in the Bain transaction.
SevOne was recently named the 75th fastest growing company in North America on Deloitte’s 2012 Technology Fast 500 rankings.
One of the company’s co-founders Vess Bakalov, is a former adjunct professor at the University of Delaware who held IT posts at BankOne, now Chase. Bakalov is the company’s chief technology officer
Bain Capital is one of the world’s largest private equity firms. It was in the news throughout 2012, as one of its former chiefs, Mitt Romney made a bid for the office of president.
