News & Events: Fortune 100 Company Finalizes Series A Funding
News & Events
Fortune 100 Company Affiliate Finalizes Series A Funding for Xceedium
ArrowPath Venture Partners, Nationwide Mutual Capital, LLC, Recognize Market Opportunity for Touch-Free IT Operations Management
Jersey City, NJ – July 24, 2006 –Xceedium, provider of a centralized solution for secure IT operations management, today announced the closing of its $5 million Series A round of funding. The company’s lead investor, ArrowPath Venture Partners enlisted Nationwide Mutual Capital, LLC, to complete this round. This investment will be used primarily to expand the company’s sales and marketing efforts to customers in vertical markets such as federal and state government, large financial institutions with multiple data centers and branch offices as well as managed service providers who need enhanced security capabilities.
Xceedium provides secure, centralized, touch-free support for IT operations management in distributed data centers with audit and compliance reporting. The company has a customer base that includes more than 50 enterprises and partners including: Department of Defense, Marsh McLennan, Army, Navy, Boeing and Apptis to name a few.
"Xceedium’s compelling vision for providing global companies with a standardized way to deliver secure touch-free support and remote access strategies has been validated by its blue chip customer base,” said Morgan Rodd, managing partner at ArrowPath Venture Partners. “With strong leadership and a product set that is attracting large companies, this round of funding will provide Xceedium an expanded opportunity to continue its momentum and propel the company to the next level."
"Xceedium increases service levels and reduces cost for IT operations management in a dispersed enterprise,” said Ernie Knight, director for Nationwide Mutual Capital, LLC. “The company’s strong leadership team, tremendous track record for success and customer traction demonstrates a great need for its core product set."
Xceedium’s offers an appliance, GateKeeper™, which provides a centralized browser-based management abstraction layer that delivers security and integrates all components and tools IT operations personnel need to do their jobs. Enhanced security features deliver access, separation of activity, limited visibility to the infrastructure and control and alerting features. Technicians can use this functionality to service multiple disjointed data centers from one location; cutting costs, eliminating expenses, increasing service levels and supplying audit and compliance reporting.
"Both ArrowPath Venture Partners and Nationwide Mutual Capital, LLC, have solid experience with the IT operations issues faced by large companies with distributed infrastructures,” said Cheryl Traverse, CEO of Xceedium. “They have extensive knowledge of Xceedium’s core customer target segments and will provide us valuable insight toward reaching our goals."
About Xceedium
Xceedium provides centralized, policy-based, secure access for IT operations management. The most comprehensive solution available, Xceedium's service-oriented framework delivers vendor access control and secure touch-free support for IT infrastructure across geographically distributed data centers. Xceedium's solution is platform-independent, integrates in-band, out-of-band and power and includes blade and legacy architectures. This increases security, reduces costs, provides audit tracking, and improves service levels. Xceedium's, Common Criteria and FIPS 140 compliant, solution has been successfully deployed at the large government agencies as well as Fortune 1000 companies. Xceedium was founded in 2000 and is headquartered in Jersey City, NJ. For more information about the company, please visit www.xceedium.com.
About ArrowPath Venture Partners
ArrowPath is an early-stage venture capital firm with over $325 million under management. The firm focuses on early and expansion stage companies developing highly differentiated enterprise and infrastructure technologies that offer a compelling value and have the prospect of achieving market leadership. To learn more about ArrowPath, visit www.arrowpathvc.com.
About Nationwide Mutual Capital, LLC
Nationwide Mutual Capital is an independent venture capital affiliate of Nationwide. Nationwide, based in Columbus, Ohio, is one of the largest diversified insurance and financial services organizations in the world, with more than $158 billion in assets. Nationwide ranks #98 on the Fortune 100 list. The company provides a full range of insurance and financial services, including auto, motorcycles, boats, homeowners, life, commercial insurance, administrative services, annuities, mortgages, mutual funds, pensions and long-term savings plans. The Nationwide companies include the country’s seventh-largest property/casualty, the fourth-largest homeowners, the sixth-largest auto insurance group and the country’s largest farm owners insurer. Nationwide Life Insurance Company, the major subsidiary of Nationwide Financial, ranks 11th in assets according to A.M. Best. For more information, visit www.nationwide.com.
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