BlueStripe Software Secures $8 Million in Funding

April 20, 2009

Valhalla Partners and Trinity Ventures validate BlueStripe’s leadership position in the Application Service Management (ASM) market

RTP, N.C., April 20 /PRNewswire/ — BlueStripe Software, the industry’s leading provider of Application Service Management (ASM) solutions for today’s dynamic IT infrastructures, today announced it has secured an additional $8 million in funding. The investment round was led by Valhalla Partners, with BlueStripe’s initial investor, Trinity Ventures, also participating. BlueStripe will use the funding to continue expansion across business operations, including product development, partner and channel development, sales and marketing.

BlueStripe’s initial investor and long-standing Board member, Noel Fenton of Trinity Ventures, explained, “We continue to see a growing opportunity for helping enterprises manage applications based on the increasing number of major computing platform changes given the trends of virtualization, SOA and Web 2.0.” Fenton continued, “BlueStripe’s management team has the expertise and the solution that answers the market need for application visibility across an infrastructure, regardless of platform or environment. Our continued investment is indicative of the strength of our partnership and our belief in this team.”

Industry analysts continue to see growth in the virtualization market as enterprises strive to lower costs and realize IT infrastructure resource gains in today’s economy. “With virtualization’s impact on application management, traditional monitoring and management tools that focus on systems, and not the application, are no longer sufficient. We see BlueStripe as hitting a critical market need by resolving a difficult business challenge,” stated Gene Riechers from Valhalla Partners. “BlueStripe has developed a unique approach for managing applications in distributed, dynamic environments, and is doing so with an easy-to-deploy, cost-effective solution that delivers results in minutes.”

BlueStripe’s flagship product, FactFinder, enables enterprises to successfully stage, deploy, and manage business-critical applications. FactFinder provides the application discovery and unique service-level driven capabilities for application support with unsurpassed intelligence into the performance and behavior of these applications. This allows users to understand the structure and relationship of their applications to efficiently manage them, identify performance issues, and perform triage to resolve issues.

“This additional funding allows us to accelerate our growth and expand our capabilities for customers moving to new platforms, such as cloud or virtual infrastructures, enabling them to change the way they manage their business-critical applications,” explained Chris Neal, CEO and co-founder of BlueStripe. “In this economy, it’s critical for entrepreneurs to find venture capitalists who are accessible and knowledgeable about guiding a company through its lifecycles. We’re fortunate to have a great partnership with Trinity and excited to have Valhalla Partners join our team.”

FactFinder provides the intelligence to manage and support production applications, with the tools to measure application health and performance, or the ability to triage critical business applications during P2V conversions or new application roll-outs. Before FactFinder, visibility into the performance of business-critical applications was limited, creating delays in isolating and resolving application performance issues, diminishing the ROI of virtualization efforts, and limiting the quality of new application roll-outs. But as organizations today continue to demand service-level intelligence on application performance, FactFinder is meeting the challenge.

Since launching the company in September 2008, BlueStripe has garnered extensive attention, including IDG’s Network World selecting the company as one of its “10 IT Management Start-Ups to Watch”; eWEEK identifying BlueStripe’s FactFinder as an IT Infrastructure “Product to Watch”; and FactFinder was a Best of VMworld 2008 Finalist by TechTarget Inc.’s SearchServerVirtualization.com in the application and infrastructure management category.

About BlueStripe Software

BlueStripe Software is the industry’s first provider of Application Service Management (ASM) solutions for dynamic data centers. BlueStripe’s flagship product suite, FactFinder, improves the way companies manage their business-critical applications, regardless of application, OS or server platform. Based in the Research Triangle Park area in Morrisville, N.C., BlueStripe is led by an executive team that has built some of the industry’s leading enterprise application management companies, including Wily Technology, Relicore, Computer Associates and IBM/Tivoli. For additional information, please visit www.bluestripe.com.

About Trinity Ventures

Founded in 1986, Trinity Ventures, a boutique firm, partners with passionate entrepreneurs to transform revolutionary ideas into reality. With over $1.5 billion under management, Trinity Ventures was founded on the principle of personal engagement and mutual respect with the entrepreneurs we fund. Trinity Ventures focuses on early stage technology ventures with a particular emphasis on digital media, Internet services, mobility, security and software markets.

Trinity Ventures has invested in more than 100 ventures, including such leading companies as Affinity Labs (acquired by Monster.com), Aruba Networks, Bix (acquired by Yahoo!), Blue Nile, Crescendo Communications, Extreme Networks, Forte Software, IntruVert Networks (acquired by Network Associates), LoopNet, Modulus Video (acquired by Motorola), Network Alchemy (acquired by Nokia), Photobucket (acquired by News Corporation), SciQuest, Speedera Networks (acquired by Akamai Technologies), Starbucks, Sygate Technologies (acquired by Symantec) and Wall Data.

About Valhalla Partners

Valhalla Partners is a trusted partner and advisor to technology entrepreneurs in their quest to build world-class companies. Based in Vienna, Virginia, the firm’s management team has made more than 120 investments over the past 20 years and produced almost $1 billion of investment proceeds. Valhalla prefers investments where the mission of the company is to innovate, challenge and fundamentally change the dynamics of new and existing markets. Investments by Valhalla’s team include Advertising.com, BDMetrics, CareerBuilder.com, Clarify, EnterpriseDB, Epicor, Exchange Solutions, JumpTap, LeftHand Networks, Mobius, NextLink, Nirvanix, Progress Software, Proxicom, RealOps, Register.com, Riverbed Technologies, SafeNet, SEPATON, ServiceBench, Trilogy, and webMethods. Valhalla Partners brings the full power and network of its experienced team to every investment it makes, helping companies grow faster and smarter regardless of size or maturity. For more information, go to www.valhallapartners.com.

    MEDIA CONTACTS: Mike Lough              Toni Iafrate
                    BlueStripe Software     Davies Murphy Group, Inc.
                    +1.877.750.2583         +1.781.418.2406
                    mlough@bluestripe.com   bluestripe@daviesmurphy.com
                    www.bluestripe.com      www.daviesmurphy.com

SOURCE BlueStripe Software

Source: newswire

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