SPIT Specialist Raises $150M
Further proof that the Service Provider Information Technology (SPIT) sector is fertile ground for raising capital arrived Tuesday with the news that networking monitoring specialist SevOne has banked a US$150 million investment from Bain Capital.
Yes -- $150 million. (See Bain Pumps $150M Into SevOne.)
The companies say the investment follows a stellar year of growth and financial performance for SevOne, which counts major cable and mobile operators among its customers, though precise financial results have not been made public. (See SevOne Unveils Mobile OSS.)
The company's CEO told TechCrunch that the investment will help its IPO plans and enable it to push into the mid-sized customer market (to date it has targeted large companies).
For a sector more used to life-saving acquisitions as the dominant form of financial activity, these investments will come as a welcome surprise and should help point other SPIT firms in the right direction. Network operators need real-time information about their networks, the devices and users connected to those networks, and the applications running on those networks, plus analytics tools that can help them make sense of that data.
Companies that can deliver those capabilities stand a great chance of attracting customers and capital.
— Ray Le Maistre, International Managing Editor, Light Reading