Jaspersoft, a maker of business intelligence software, has inked $11 million in a round of venture capital led by Red Hat and SAP Ventures.
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SAN FRANCISCO, Jaspersoft, maker of the world's most widely used business intelligence (BI) software, today announced the company has received $11 million of new capital financing.
The investment was led by existing investors Red Hat and SAP Ventures, in addition to new investor Quest Software, and included participation from all existing major investors: Doll Capital Management, Morgenthaler Ventures, Partech International, Scale Venture Partners, and Adams Street Partners.
This builds upon Jaspersoft's record year in 2010 and provides fuel for the company's aggressive product roadmap, global expansion, and potential strategic acquisitions.
"The business intelligence market is growing rapidly and Jaspersoft's position within it continues to strengthen. Our growth has resulted in significant interest from world-class investors and so this became "a perfect time for Jaspersoft to take on new, strategic funding," said Brian Gentile, CEO of Jaspersoft. "We are successfully executing on our primary goal to advance Jaspersoft's open source software, enabling BI Builders in the JasperForge community and our growing commercial customer base to benefit from the industry's most modern, flexible BI platform. The additional financing provides us with more agility and flexibility as we consider build vs. buy opportunities to accelerate our growth in embedded, self-service, and mobile BI."
To capitalize on this open source BI market opportunity, Quest Software joins the other strategic investors.
"We're very glad to be investing in Jaspersoft right now. This is the time for scalable, affordable, self-service BI," said Shayne Higdon, managing director, Corporate Development at Quest Software, Inc. "With the right resources and this management team, we believe Jaspersoft will continue to set the modern BI industry agenda."
The Jaspersoft 4 BI Suite is one of the most flexible, cost-effective, and widely used BI software suites in the world, built for the most demanding business intelligence requirements. It includes additional capabilities such as data integration, OLAP analysis, and audit logging as well as native big data access and cloud / multi-tenant SaaS deployment capabilities. Jaspersoft software also includes worldwide enterprise-class technical support and commercial licensing protection.
Jaspersoft provides one of the most flexible, cost-effective and widely deployed Business Intelligence suites in the world, enabling better decision-making through highly interactive web-based reports, dashboards and analysis. Leveraging a commercial open source business model, Jaspersoft provides end-to-end BI capabilities at a fraction of the cost of most other vendors. The BI suite includes pixel-perfect enterprise reporting, ad hoc query, dashboards, OLAP and in-memory analysis, and data integration. Jaspersoft is the only BI vendor that enables companies to adapt to the new, virtualized world by providing a complete spectrum of on-premise, multi-tenant SaaS and cloud-based deployment options for both embedded and standalone business intelligence. Unlike many traditional BI solutions from other vendors, Jaspersoft is built on a modern, lightweight, standards-based architecture and offers greater vendor independence thanks to its open source codebase. Unlike niche BI vendors, Jaspersoft represents a safe choice with tens of thousands of production deployments across a wide range of industries.
Jaspersoft's open source business intelligence software has nearly 14 million product downloads worldwide, more than 175,000 production deployments and 14,000 commercial customers in 100 countries. Its BI suite is advanced regularly by a development community of more than 225,000 registered members. For more information visit: http://www.jaspersoft.com and http://www.jasperforge.org.
Quest Software (Nasdaq: QSFT) simplifies and reduces the cost of managing IT for more than 100,000 customers worldwide. Our innovative solutions make solving the toughest IT management problems easier, enabling customers to save time and money across physical, virtual and cloud environments. For more information about Quest solutions for application management, database management, Windows management, virtualization management, and IT management, go to www.quest.com
About Red Hat, Inc.
Red Hat, the world's leading provider of open source solutions and an S&P 500 company, is headquartered in Raleigh, NC with over 65 offices spanning the globe. CIOs ranked Red Hat as one of the top vendors delivering value in Enterprise Software for seven consecutive years in the CIO Insight Magazine Vendor Value survey. Red Hat provides high-quality, affordable technology with its operating system platform, Red Hat Enterprise Linux, together with virtualization, applications, management and Services Oriented Architecture (SOA) solutions, including Red Hat Enterprise Virtualization and JBoss Enterprise Middleware. Red Hat also offers support, training and consulting services to its customers worldwide. Learn more: http://www.redhat.com.
About SAP Ventures
SAP Ventures partners with outstanding entrepreneurs worldwide to build industry-leading businesses. We are funded by SAP AG (NYSE: SAP), the market leader in enterprise application software, and we leverage the relationship with SAP and its ecosystem for the benefit of portfolio companies. SAP Ventures invests in technology businesses that serve enterprises as customers or have enterprises as go-to market partners as well as companies that service consumers in their professional lives. Over the last 15 years, SAP Ventures has supported more than 100 companies on five continents. Past investments include Commerce One, Greenplum, MySQL, Red Hat, and WebEx. Current portfolio companies include Alfresco, Control4, Endeca, iYogi, Jaspersoft, JustDial, LinkedIn, MuleSoft, OnDeck, OpenX, Spring Wireless, Tealeaf, Tremor Media, and Zend.