Rally Continues Momentum With $4.5 Million Second Round of Financing
BOULDER, Colo., Jan. 6, 2005 - Rally Software Development Corp., a provider of on-demand software development management solutions, today announced it has closed a $4.5 million Series B round of financing, bringing the total amount raised by the company since October 2003 to $8.5 million. Individual investors and Rally's two main institutional backers, Mobius Venture Capital and Boulder Ventures, contributed to the funding that will be used to drive further growth via a number of new business intiatives in 2005.
"This latest round of financing will help Rally add to the outstanding momentum we've built since our market launch in June of this year," said Tim Miller, CEO at Rally. "Rally represents a new paradigm in managing the software development process and delivers exceptional value to software-driven organizations. Our solutions dramatically improve the responsiveness of software teams, and adoption of our on-demand, hosted Web service continues to increase as companies recognize the profound benefits of a highly reliable, secure and cost-effective alternative to traditional software licensing and deployment models."
Since Rally introduced the first on-demand Web service for managing all aspects of Agile software development, a growing roster of customers have utilized its solution to gain unprecedented project visibility into project features, quality and status, while improving overall team communication. Rally's tooling and coaching solutions help in-house, distributed and outsourced development teams more efficiently define, develop and deliver software releases. As a hosted Web application, Rally starts fast and scales easily across all geographies and platforms with no IT burdens.
Early milestone for Rally include:
- Launching Rally Release 1 with enthusiastic beta customer support and widespread industry recognition in leading trade journals, including SD Times, Software Development, InfoWorld, Application Development Trends and InformationWeek.
- The subsequent regular introduction of three substantial new releases of the Rally hosted service driven by customer feedback.
- Signing a growing roster of satisfied, reference-able customers including Roving Planet, Xaffire, Oxlo Systems, OneVoyce, WebRoot and Learning.com.
- Building an outstanding senior management team comprised of proven software industry executives, including CEO Miller, Founder Ryan Martens, VP of Product Marketing Richard Leavitt, VP of Finance & Accounting Chad Varra and most recently, the addition of EVP Sales & Marketing Don Hazell.
- Assembling a stellar technical advisory board comprised of industry visionaries Mary Poppendieck, Dean Leffingwell, Philippe Kruchen, Randy Stafford and Shai Koenig.
"Rally represents the new caliber of technology start-ups that are run by seasoned executives that have a clear vision for both the customers they serve and their company's unique advantages," said Brad Feld, Managing Director of Mobius Venture Capital. "We're extremely pleased with the progress of the company and look forward to continued success as the demand for Agile development solutions and hosted Web applications increase within the software development market."
About Boulder Ventures
Boulder Ventures manages over $250 million in venture capital partnerships, making equity investments in start-up, early-stage and emerging-growth companies. Boulder Ventures primarily seeks opportunities in enterprise software, Internet-based business applications and services, communications infrastructure and services and life sciences tools and services. Boulder Ventures works in partnership with entrepreneurs, providing easily accessible, active support to develop novel business concepts and grow ideas into important companies. The company has offices in Owings Mills, Maryland and Boulder, Colorado. Boulder Ventures can be contacted through its website - www.boulderventures.com
About Mobius Venture Capital
With offices in Palo Alto, California and Superior, Colorado, Mobius Venture Capital (not affiliated with Mobius Management Systems, Inc.) is a $2 billion U.S.-based private equity venture capital firm managed by an unparalleled team of former CEOs and entrepreneurs, technology pioneers, senior executives from major technology corporations, and leaders in the investment banking community. Mobius Venture Capital combines its technology expertise and broad financial assets with the industry's best entrepreneurs to create a powerhouse portfolio of over 100 of the world's leading high technology companies. For more information on the fund's investment team, technology vision and portfolio companies, please visit www.mobiusvc.com
Based in Boulder, Colo., Rally Software Development was founded in 2002 with a mission to improve the profit and ROI of software-driven companies through the adoption of a new class of Agile software development management solutions. Rally enhances development productivity and agility with an on-demand, hosted subscription service that provides unmatched coordination and management of the entire Agile software development lifecycle. Rally is backed by Mobius Venture Capital and Boulder Ventures, with a technical advisory board comprised of luminaries in the Agile community and software development industry. For more information about Rally, visit the company's Web site at www.rallydev.com
Press Contact: Anne Greenhaw