Skytap Raises $35 Million From Insight Venture Partners To Meet Growing Global Demand For Enterprise-Ready Development And Test Environments

Funding to Fuel Aggressive Company Expansion, Product Innovation and Partner Ecosystem

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Dec 18, 2014, 09:00 ET

SEATTLE, Dec. 18, 2014 /PRNewswire/ -- Skytap Inc., the leading provider of on-demand Environments as a Service, today announced a $35 million dollar investment led by Insight Venture Partners with participation from all existing investors, including OpenView Venture Partners, Ignition Partners, Madrona Venture Group, and Washington Research Foundation. The funding will be used to expand Skytap's go-to-market capacity, grow the global partner ecosystem, and fuel new levels of product innovation for enterprise-ready development and test environments. The funding will also be used to expand Skytap's presence into Europe.

"Insight Venture Partners is widely regarded for its investments in pioneering technology companies such as Docker and New Relic," said Thor Culverhouse, CEO of Skytap. "Much like these companies, Skytap is disrupting its market and changing the way enterprises approach software development. We see a huge market opportunity ahead of us and believe our relationship with Insight will be instrumental in accelerating our global growth."

This latest investment comes on the heels of Skytap's record growth over the last year, including the doubling of revenues and headcount. The backbone of this strong performance is the company's ongoing dedication to meeting the needs of its global customer base and the growth of the Skytap TapIn Partner Program, an established network of over 35 partners. Skytap's customer roster features over 275 organizations, which have collectively launched more than three million environments on Skytap.

"Skytap matches Insight's focus on supporting high growth SaaS and cloud companies," said Deven Parekh, Managing Director at Insight Venture Partners. "Skytap is driving a transformative change in its industry by empowering companies to deploy innovative software more rapidly. With this funding we expect Skytap to continue on its current growth trajectory and further solidify itself as the leader in enterprise-ready development and test environments."

Based on the company's growth and continued excellence in product innovation, Skytap has been recognized in Deloitte's Technology Fast 500, The 2014 SD Times' Top 100 List of cloud computing software development influencers and innovators, and Talkin' Cloud's 100 top cloud service providers in the last year.

To learn more about Skytap's latest innovations, visit http://www.skytap.com/.

About Insight Venture Partners
Insight Venture Partners is a leading global venture capital and private equity firm investing in high‐growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight has raised more than $8 billion and invested in more than 200 companies worldwide. Its mission is to find, fund and work successfully with visionary executives providing them with practical, hands--on growth expertise to foster long--term success. For more information on Insight and all of its investments, visit www.insightpartners.com.

About Skytap, Inc.
Skytap provides Environments-as-a-Service (EaaS) to transform the software development lifecycle and help customers deliver better software, faster. Today's enterprise is challenged to continuously deliver new customer-facing applications, while overcoming increasing change and complexity in IT infrastructures. Our customers use Skytap to manage, share, deploy and decommission on-demand environments that contain everything needed to collaborate at each phase of the SDLC, without unnecessary costs and project delays due to manual configuration and dependencies. Enterprise IT organizations maintain full visibility and cost control, while allowing dev and test teams to self-provision labs and share complex environments with ease, for a lasting boost to agile DevOps initiatives. To try Skytap and learn more, visit www.skytap.com.

Contact:
Melissa Boggs
Barokas Public Relations
[email protected]
206-264-8220

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SOURCE Skytap, Inc.