JMI Invests in GlideSoft/Service-now.com
Funds to fuel sales and marketing efforts in on-demand IT service management
San Diego, June 30, 2005: Service-now.com, a provider of on-demand IT service and asset management solutions, today announced that it has received $2.50 million in a Series A private equity funding from JMI Equity Fund. Proceeds from the financing will be used to expand sales and marketing operations as well as for general operating capital.
"This funding provides Service-now.com with the resources we need to accelerate the establishment of a new business model in the IT service and asset management marketplace and give customers a clear choice in how they want to do business with software vendors. Additionally, this investment represents a clear commitment to net-native technology and an on-demand business model on the part of one of the country's leading technology investment firms." said Fred Luddy, president and CEO of Glidesoft, the parent company of Service-now.com.
Service-now.com was founded in 2003 by Fred Luddy and currently has over a dozen customers in production using the service on a daily basis to manage their IT infrastructure. Mr. Luddy has created software that has generated over $1 billion in revenue over the past 25 years. He was formerly the CTO of Peregrine Systems, the Founder of Enterprise Software associates which sold to Peregrine, and a product architect at Boole and Babbage and Amdahl. The Company currently employs 5 people with offices in San Diego, CA.
About Service-now.com
Service-now.com, (http://www.service-now.com) headquartered in San Diego, CA, is a provider of on-demand IT service and asset management solutions. This first, fully hosted, web-based IT service and asset management solution is offered as an on-demand service and licensed on a subscription basis. Built on an active CMDB and based on the industry standard best practices of ITIL; Service-now.com provides integrated processes for incident, problem, change and asset management. Service extensions are available for employee self service, knowledge management, service level agreement management and business analysis.
With Service-now.com, organizations can expect to proactively manage the availability and usability of their IT infrastructure while tracking and managing the costs associated with everything they own, rent or lease. As an on-demand service, IT professionals can focus on running their business and supporting their customers without having to worry about installing, implementing, maintaining and upgrading a set of complex applications.
