Glenwood, Md.—November 19, 2007—Fortisphere, a provider of enterprise virtual machine lifecycle management software, today announced that it has closed $10 million in series A round funding. The round was co-led by Fairhaven Capital Partners and Globespan Capital Partners. The company will use the funding to further product development, grow its sales team and increase its market visibility.
“IDC predicts that the virtualization market will reach $11.7 billion over the next four years and that by the end of this year, about half of the world’s 4.2 million servers will be virtualized,” said Paul L. Ciriello, managing partner, Fairhaven Capital Partners. “While this dramatic growth has resulted in cost and operational gains for companies, it has also triggered a need for data center management tools purpose-built for virtualized environments. Fortisphere fills this urgent market need by providing a unique means for organizations to more efficiently manage their virtual machine deployments.”
Fortisphere empowers enterprises to more intelligently grow their virtual machine deployments by providing the visibility, granular control and best practices required to ensure virtualized environments operate efficiently, effectively and securely. By tracking, reporting and managing both online and offline virtual machines, Fortisphere helps accelerate virtualization adoption.
“Fortisphere has assembled an accomplished management team of technology industry veterans with proven track records of bringing successful IT solutions to market,” said Dave Fachetti, managing director, Globespan Capital Partners. “Through our CIO Advisory Board, we have identified a number of emerging IT issues related to virtual machine growth, presenting a unique market opportunity for companies with the right vision, leadership and technology innovation. We look forward to working with Mike and his team as they deliver world-class solutions to address the emerging management challenges associated with virtualization.”
“We are excited to work alongside Fairhaven Capital Partners and Globespan Capital Partners as we bring our patent-pending virtual machine lifecycle management products to market,” said Michael Harper, president and CEO, Fortisphere. “This funding will allow us to dramatically accelerate our product development and market reach.”
About Fairhaven Capital Partners
Fairhaven Capital Partners was formed by the Managing Directors of TD Capital Ventures, which they founded in 2001. The Managing Directors’ market knowledge coupled with relevant operating and entrepreneurial experiences have attracted entrepreneurs to seek funding from Fairhaven Capital. More information about Fairhaven Capital is located online at www.fairhavencapital.com.
About Globespan Capital Partners
Globespan Capital Partners is a leading global venture capital firm investing in information technology companies. The firm’s investment team has a proven track record based on partnering with management teams to build strong, successful companies. With offices in Boston, Palo Alto and Tokyo, Globespan invests in companies all across the U.S. and in Japan on behalf of a global base of limited partners. More information about Globespan Capital Partners is located online at www.globespancapital.com.
Fortisphere is a provider of Virtual Machine Lifecycle Management software that ensures virtualized environments operate efficiently, effectively and securely. Founded in October 2006, Fortisphere is pioneering the concept of Smart Growth, a way to facilitate rapid expansion of virtual infrastructures through greater visibility, granular control and best practices. Fortisphere is a venture-backed company, headquartered in the greater Washington, DC area, with offices in Boston, MA and McLean, VA. More information about Fortisphere is located online at www.fortisphere.com.