Pike Creek-based SevOne posted record results for 2014.
SevOne announced record earnings for the 15th consecutive quarter as of the fourth quarter of last year. The privately held company does not release earnings figures, although it reported a compound annual growth rate of 88 percent over the past seven years.
Highlights, according to the company, included:
– Annual revenue growing to $64.5 million 2014 from $39.5 million in 2013.
– A 283 percent increase in installed base revenue
– A 68 percent increase in employees, bringing total staff to 404.
The bulk of SevOne’s staff is in Delaware, although the company also has offices in Philadelphia and Boston, according to co-founder and Chief Technology Officer Vess Bakalov.
The company, which was founded in Newark, has long maintained close ties withUD.
The company is scheduled to move its headquarters to the University of Delaware STAR Campus later this year.
Plans have been filed that call for the Pike Creek office building site on Linden Hill Road to be razed, with the site converted to a mixed use apartment and retail complex.
In an earlier phone interview, Bakalov. said factors leading to the decision to move to the STAR campus included easier access for US students and the nearby train station. A number of SevOne employees live in Philadelphia, he noted.
SevOne has reserved extra space at the STAR site for future growth. The company is planning to add 150 more employees, with the bulk of the hiring in Delaware. The 150 figure came from Delaware Gov. Jack Markell.
“SevOne’s rapid growth is further evidence that global enterprises and service providers are dealing with tidal waves of data that are critical to ensuring ongoing operational success,” a release stated. “Gartner predicts that, “By 2018, 20 percent of IT operations organizations will abandon legacy monitoring tools for new monitoring architectures, up from 2 percent today. SevOne hears these challenges every day from customers, and is uniquely engineered for Speed at Scale…”
Over the past year, the company added a number of new names to its growing roster of Fortune 500 customers, including:
– 100 percent of the top global broadcast & cable companies
– 70 percent of the top global investment services companies
– 50 percent of the top global telecommunications service providers.
“This past year, we saw a radical shift in the forces driving companies to monitor end-to-end infrastructure in support of mission-critical services,” stated Jack Sweeney, SevOne CEO. “Our customers and their industry peers are going through radical change, and current performance monitoring tools are holding them back as they look to decrease operating costs, reduce time-to-market and drive new revenue streams.”
SevOne acquired log analytics provider RapidEngines in 2014, and announced it surpassed 100 million objects monitored. SevOne was named to the 2015 list of Forbes’ Most Promising Companies, the 2014 Deloitte Fast 500 list, and ranked as one of the Best Places to Work in America by Glassdoor, among other accolades.
SevOne is backed by Bain Capital Ventures. More information can be found at www.sevone.com.
