Soasta receives a $10 million investment

Deal Participants:
Company: Soasta View Profile Charts Homepage
Investors: UV Partners View Profile Charts Homepage
Formative Ventures View Profile Charts Homepage
The Entrepreneurs’ Fund View Profile Charts Homepage
Deal Financials:
Investment Amount: $ 10 million
Series: C
Date:
Announced: Dec 01, 2009

PRESS RELEASE - Soasta receives a $10 million investment

SOASTA, the leader in cloud testing, today announced the successful close of $10 million in Series C funding as it prepares its global expansion. The round was led by UV Partners, and included participation from all existing investors Canaan Partners, Formative Ventures and The Entrepreneurs’ Fund. The company’s growth plan includes the opening of offices in Europe, broadening of the reseller channel and increasing its technology roadmap with product enhancements to address the growing demand for SOASTA’s cloud-based testing service.
Today’s announcement follows other significant company milestones. SOASTA recently announced a new partnership with Computer Sciences Corporation (NYSE: CSC), a leading managed services provider, who has integrated CloudTest into its Trusted Cloud Services offering and its testing and development methodology. The company completed large web-scale tests with Best Buy, Hallmark, Leapfrog, M-Dot Networks, MySpace, Schlumberger, SAP and Zappos.com, and also announced open source support by offering JMeter users the ability to run their scripts in the SOASTA Global Test Cloud.
“This recent funding will enable SOASTA to ramp sales while simultaneously extending its technology leadership position in the cloud testing market,” said John Balen, general partner, Canaan Partners. “I am very pleased with SOASTA’s ability to attract new and previous investors to this round. The interest we generated from the investment community is a direct reflection of the growing validation of cloud testing based on our technology leadership.”
With the closing of the Series C funding, SOASTA adds Blake Modersitzki, managing director, UV Partners, to its board of directors.
“We have made rapid progress defining and growing the cloud testing market since our launch. We are increasingly seeing enterprise customers that were using traditional testing tools such as HP LoadRunner turn to SOASTA CloudTest for a more affordable, web-scale solution,” said Tom Lounibos, CEO, SOASTA. “This round of financing will help us through our expansion phase as well as accelerate the development of new products that will allow us to maintain our market leadership.”
About SOASTA CloudTest
SOASTA CloudTest On-Demand is a full-service offering. Customers simply describe the web user business process, such as logging into an account, executing a transaction, or browsing content. SOASTA’s team of experienced performance engineers build the tests, provision the complete cloud environment, execute the tests, and work with customers to analyze, fix and tune a site’s performance. SOASTA CloudTest’s unique, real-time metrics and analytics of massive test results data gives customers the performance intelligence they need to pinpoint and fix issues as tests are being run—ensuring greater confidence in website reliability and performance.

About SOASTA
SOASTA’s mission is to ensure that today’s Web applications and services perform in a highly reliable, scalable, and predictable manner. The company’s product, SOASTA CloudTest™, is available as an on-demand service that leverages Cloud networks or as an appliance (virtual and hardware), and enables developers to test and monitor their web applications and services at an affordable price. SOASTA CloudTest supports Load and Performance testing. SOASTA is privately held and headquartered in Mountain View, California. For more information about SOASTA, please visit www.soasta.com.

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Dec 01 '09
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