REDWOOD CITY, CALIFORNIA – January 10, 2007 – Nimsoft, a leading provider of service level management solutions, today announced that the company has secured $10.3 million in funding from JMI Equity and Northzone Ventures. Nimsoft, established in 1998 and profitable since its founding, has never received any external investment capital and has grown organically to more than 400 customers. The capital investment will fund an expansion of the company’s worldwide sales and marketing outreach and will further develop its product offerings, which help customers manage critical IT resources and application performance. For the past three years, Nimsoft has consistently grown revenues in the high double digits, evidence of market acceptance of Nimsoft’s low cost, easy-to-deploy solutions.
Lead investors Peter Arrowsmith of JMI Equity and Torleif Ahlsand of Northzone Ventures will join Nimsoft’s board of directors. Both venture capital firms have helped lead growing infrastructure software companies into successful, industry-leading businesses.
“Under the strong leadership of Gary Read and his team, Nimsoft’s solutions are the most comprehensive in its class,” said Peter Arrowsmith, general partner of JMI Equity. “NimBUS is bringing the power of enterprise-class, service level management to both medium and large-sized enterprises in addition to building a rapidly expanding business with managed service providers. Overall, our due diligence revealed a customer base that was ecstatic about Nimsoft’s customer service and hailed them as the leader in a new wave of vendors in this market.”
Torleif Ahlsand of Northzone Ventures added, “Nimsoft has built successful operations in both the United States and Europe, which is impressive for this early stage of a growth company. We look forward to working with Nimsoft and helping them further expand into their core markets and building operations in new markets.”
“Our commitment to our customers and our solid end-to-end monitoring and application performance solutions put us in a position of strength for the future,” said Gary Read, president and CEO of Nimsoft. “Joining with JMI Equity and Northzone Ventures reinforces our vision that aligning IT infrastructures to business objectives is tangible and measurable. Customers have confirmed that Nimsoft’s in-depth analysis of the performance of IT infrastructure is a compelling asset for both business and technical evaluations.”
Nimsoft’s product, NimBUS, offers a line of real-time, service level management solutions that provide the breadth of large enterprise management solutions without the associated expense and complexity. Its scalable and reliable monitoring capabilities proactively manage critical IT resources, such as servers, applications, databases and network services and devices, in the most demanding of IT environments. Unlike traditional solutions, NimBUS can be deployed within a matter of days and it costs a fraction of traditional solutions.
About JMI Equity
JMI Equity, based in Baltimore and San Diego, is a private equity firm exclusively focused on providing growth capital to software and service companies. Founded in 1992, JMI has invested in more than 75 companies throughout North America and has approximately $700 million of capital under management. In addition to providing the first institutional capital to self-funded companies, JMI also invests in selected recapitalization and management buyout financings. Representative investments include Blackbaud, Inc. (Nasdaq: BLKB), DoubleClick, Inc., Jackson Hewitt, Inc. (NYSE: JTX), Mission Critical Software, Inc. (acquired by NetIQ, Inc. (Nasdaq: NTIQ)), NEON Systems, Inc. (acquired by Progress Software Corporation (Nasdaq: PRGS)), Transaction Systems Architects, Inc. (Nasdaq: TSAI) and Unica Corporation (Nasdaq: UNCA). For more information on JMI Equity, visit www.jmiequity.com.
About Northzone Ventures
Northzone Ventures has backed early stage Nordic technology winners since its inception in 1994. Northzone has nine General Partners based in Stockholm, Oslo and Copenhagen, and has over four funds invested in close to 50 companies. Northzone V was raised in April 2006 with €175 million from top-tier European institutional investors. Present and past portfolio companies include Funcom (OSE: FUNCOM), Lastminute (acquired by Travelocity, Inc.), Mamut (OSE: MAMUT), Nextgentel (acquired by TeliaSonera), Pricerunner (acquired by Valueclick, Inc.), Stepstone (OSE: STP) and Trolltech (OSE: TROLL). For more information please visit www.northzone.com.
About Nimsoft
Nimsoft is the premier provider of business-focused service level management solutions that customers can easily deploy and use. The company’s Service Level Management solutions – NimBUS – are used by hundreds of companies across diverse industries to manage complex networked systems and meet service level agreement targets. Nimsoft solutions combine advanced SLM functionality and broad platform coverage with unprecedented ease of implementation, deployment and use.