SevOne Raises $150 Million, Planning To Issue IPO
SevOne is an IT management company based in Wilmington, Delaware that uses P2P technology to manage a customer’s infrastructure. The company has raised around $150 million form Bain Capital to scale their IT management software and prepare for an IPO. The company is focused on growing their customer base especially in the mid-market.
SevOne CEO Mike Phelan said that they have an emphasis on expanding their customer base in the mid-market. Some of their customers include Comcast and Thomson Reuters. “We want to purse the public markets,” said Phelan in an interview with TechCrunch. “We picked a partner that did that before.” SevOne utilizes P2P and big data clusters to manage their infrastructure through hardware and virtual appliances.
The hardest part about managing data and infrastructure is that integration can be difficult, but SevOne’s P2P network has one common code base for all functionality through one common image. SevOne can monitor millions of objects in real time through a simple web interface. The P2P environment enables appliances to be aware of each other when they go online. A company can have around 15 appliances spread across their network in different regions of the world. SevOne charges around $5 per element in their IT infrastructure environment.
Bain has been interested in SevOne over the past 5 years. Bain’s interest in the company grew as the company’s customers increased the number of elements for the company to monitor. SevOne became the 75th fastest growing company in North America and was put on Deloitte’s 2012 Technology Fast 500 rankings.