LogicMonitor Accelerates Growth with $130M Investment from Providence Equity
SANTA BARBARA, Calif. (BUSINESS WIRE) – LogicMonitor, the Software-as-a-Service (SaaS) delivered end-to-end IT infrastructure monitoring platform, today announced that it has received a $130 million investment from Providence Strategic Growth (PSG), the growth equity affiliate of Providence Equity Partners, a global private equity firm with $45 billion in assets under management. The investment will be used to continue LogicMonitor’s global market expansion as the leading modern IT infrastructure performance monitoring solution that will displace legacy and premise-based monitoring systems in complex and agile environments.
LogicMonitor is disrupting the IT infrastructure space with its extensive on-premise, cloud, and hybrid datacenter monitoring capabilities, all in its one SaaS platform. Its extensive monitoring capabilities enable its customers to prevent performance degradation and downtime of the vital infrastructure powering their business applications, allowing them to focus on their core revenue generating business. LogicMonitor is used by the industry’s top web commerce and enterprise companies, including JetBlue, Trulia, Citrix, SPS Commerce, Fastenal, Zendesk, Pacific Life, and National Geographic. LogicMonitor’s comprehensive monitoring platform is also widely used among leading service provider companies, including Teklinks, mindSHIFT, iVision, CWPS, and ANS Group, to drive their managed services revenue.
“LogicMonitor’s innovative and intuitive platform is paving the way for how enterprise companies manage complex technology infrastructures,” said Thomas Reardon, Managing Director at Providence Strategic Growth who will join the LogicMonitor Board of Directors. Reardon continues, “The value that LogicMonitor’s breadth of monitoring coverage provides to companies is significant, and the opportunity in the rapidly-expanding hybrid and cloud markets for a company with this strong of a SaaS-based technology platform is massive.”
“LogicMonitor is thrilled to partner with PSG to accelerate our growth,” said Kevin McGibben, CEO of LogicMonitor. “We’re committed to providing the best monitoring product in the market. We’ll continue aggressive investments in new product enhancements to meet the fast-evolving dynamics of highly-technical, complex, and large IT operations environments. LogicMonitor is to performance monitoring what Salesforce is to customer relationship management and ServiceNow is to IT workflow management. We are excited for the additional growth opportunities that our PSG partnership will bring.”
Reza Salari, Manager of Information Security and Telemetry at Pacific Life, said, “Pacific Life's adoption of LogicMonitor has been one of the key strategies that has allowed the IT department to control headcount growth while supporting an expanding business. Switching to LogicMonitor allowed us to use our experienced IT staff for strategic projects instead of managing SCOM, and it also gave us far better insight into the performance of our systems, and to become proactive in our handling of incidents. For an enterprise with a large and complex critical infrastructure undergoing many architectural shifts, there is no other platform that can give us the agility we need.”
“TekLinks became a LogicMonitor customer in 2014 when we were looking to consolidate a whole host of monitoring tools into a single platform,” said David Powell, Vice President of Managed and Cloud Services at regional IT services provider, Teklinks. “We had grown quickly, acquired a few companies, and we had a lot of disparate monitoring tools. During the sales process, LogicMonitor took the time to really understand our business and walked with us through the implementation, staying engaged throughout the post-deployment period as we consolidated our legacy tools into the LogicMonitor platform. We often times use the word ‘partner’ in technology to refer to our vendors, but in this case, LogicMonitor truly is our partner, tying their success to ours. We couldn’t be happier for them as they enter this new stage of growth. They have really differentiated themselves in the market by addressing the complexities a sophisticated solution provider faces and we know that this new investment will allow them to continue to innovate, add new features, and scale for the future.”
“LogicMonitor works with thousands of companies who generate approximately 100 billion performance metrics per day,” continued McGibben. “We will continue to expand our go-to-market efforts, while maintaining significant research and development investments to ensure that customers have the market’s leading product and service.”
LogicMonitor is an automated SaaS based IT performance monitoring platform that provides the end-to-end visibility and actionable data needed to manage sophisticated on-premise, hybrid, and cloud infrastructures. With LogicMonitor’s Active Discovery of devices, IT teams can deploy and monitor their infrastructures faster and automatically. LogicMonitor enables teams to act on infrastructure performance data using its built-in and customizable dashboards, performance forecasting, and complete reporting. The built-in workflow capabilities in LogicMonitor including alert routing and escalation management improve IT team’s issue response and resolution time.
Try LogicMonitor for a free 14-day trial at https://www.logicmonitor.com/signup.
About Providence Equity
Providence is a premier, global asset management firm with $45 billion in assets under management across complementary private equity and credit businesses. Providence pioneered a sector focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm’s inception in 1989, Providence has invested in more than 150 companies and is the leading equity investment firm focused on the media, communications, education and information industries. Providence is headquartered in Providence, RI and also has offices in New York, London, Hong Kong, Singapore and New Delhi. For more information on Providence Equity, please visit www.provequity.com.