GRAND RAPIDS, MI, Blue Medora, a provider of IT monitoring integration solutions, has raised $10 million in funding.
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Edison Partners today announced leading a $10 million growth investment in Blue Medora, the Grand Rapids, MI-based leader in IT monitoring integration. Blue Medora will use the funds to accelerate growth in the enterprise market.
Blue Medora conceived of the IT monitoring integration category and is now positioned to lead an estimated $2 billion market opportunity. The company's year-over-year bookings have grown nearly 80 percent. In partnership with strategic sales channels, including VMware and New Relic, Blue Medora's customer base has increased by 60 percent to more than 350 marquee brands, such as Chase, Delta and Safeway. Notable media have recently recognized the company with a 5-Star Emerging Vendor rating in CRN's 2018 Partner Program Guide, and in Database Trends and Applications' DBTA 100 2018, as a company that matters most in data.
"As infrastructure IT becomes more diverse - across hardware, virtual environments and cloud environments - the greatest challenge to monitoring, managing and measuring the performance is the ability to provide a full view into all of the other technologies supporting an application, in real-time," said Lenard Marcus, General Partner for Edison Partners, who led the investment and joins the company's board of directors. "Nathan has brought a unique vision to IT monitoring integration, creating an IT system health connector that provides a singular view of a company's entire IT ecosystem and complete interoperability of its tech stack. The company's strong growth and traction with large enterprises are a testament to the market demand, and we're thrilled to be partnering with Nathan and team."
Blue Medora interconnects over 150 technologies across cloud computing, on-premise hardware and virtual desktops. The company recently introduced a new IT monitoring integration service, BindPlane, to manage the complexity of this modern IT infrastructure environment. BindPlane collects and provides data across the entire stack, identifies performance issues and eliminates blind spots in performance analytics with built-in dashboards for centralized collection and reporting of rich dimensional data.
"With Edison Partners, Blue Medora has found a partner that's invested in the success of Midwest tech and emerging innovation geographies like ours," said Nathan Owen, CEO and co-founder of Blue Medora. "Edison brings exactly the right combination of growth capital and strategic value-add, with their Edison Edge operating platform, that we need to accelerate market adoption, increase enterprise value, and scale our business to the next level. We're excited for the partnership."
Edison Partners has financed and guided more than 200 private companies, a quarter of which have been in the enterprise solutions space. Blue Medora and Chicago-based Bento for Business are the firm's most recent growth equity investments in the Midwest region. Edison's current enterprise solutions portfolio includes All Traffic Solutions, Bricata, eSentire, Giant Oak, ItemMaster, Jornaya, Predata, PathFactory, Terminus, and Zagster. Notable exits in the sector include Archive Systems, Assessment Systems, Axent, InSoft, Logfire, Marcam, Notable Solutions, Operative, Tangoe, Telarix, VirtualEdge, Vocus, Uptivity, and VFA.
About Edison Partners
For more than 30 years, Edison Partners has been helping CEOs and their executive teams grow and scale successful companies. The firm's investment team brings extensive investing and operating experience to each investment. Through a unique combination of growth capital and the Edison Edge platform, consisting of operating leverage, the Edison Director Network, and executive education programs, Edison employs a truly integrated approach to accelerating growth and creating value for businesses. A team of experts in financial technology, healthcare IT and enterprise solution sectors, Edison targets high-growth companies with $5 to $20 million in revenue; investments also include buyouts, recapitalizations, spinouts and secondary stock purchases.
Edison's active portfolio has created aggregated market value exceeding $10 billion. Edison Partners is based in Princeton, NJ and manages more than $1.4 billion in assets throughout the eastern United States.