Rally Software Secures $20 Million in Funding Led by Meritech Capital Partners
BOULDER, Colo., June 7, 2011 - Rally®, the leader in Agile application lifecycle management (ALM), has secured $20 million in funding led by Meritech Capital Partners. Meritech is a leading provider of late-stage venture capital to category-defining private technology companies and has previously backed market leaders including Facebook, NetSuite and Salesforce.com. The funding will fuel organic and inorganic growth and support continued adoption of Rally's platform for Agile development.
Comments on the news:
"Meritech invests in game-changing technology companies," said Rob Ward, managing director of Meritech Capital Partners. "As the dominant Agile market leader and a pioneer in bringing Software-as-a-Service to its category, Rally is natural fit for our portfolio."
"Every business is a software business. We're now seeing adoption of Agile practices spread across organizations and industries faster than ever," said Rally's CEO Tim Miller. "We're excited to have additional funding to meet this exploding demand for Agile ALM platforms, expert coaching services and learning communities."
"From the company's top ranking in independent industry analyst reports to its impressive list of enterprise customers, Rally has emerged as the clear market leader in Agile ALM," said Tom Bogan, a member of Rally's board of directors and a venture partner with Greylock Partners, a leading venture capital firm that invested in Rally in January 2010. "It's terrific to add Meritech to the elite group of investors who recognize that Rally is revolutionizing software development."
About Meritech Capital Partners:
Meritech Capital Partners is a leading provider of late-stage venture capital to category-defining private technology companies and has been one of the top performing venture firms of the past decade. With over $2.6 billion under management, Meritech primarily leads investments into portfolio companies of leading early-stage venture capital firms and looks for companies with proven and differentiated technology, rapidly-growing revenue and experienced management teams. With one of the most active venture portfolios, Meritech has experience in, and provides guidance on issues facing rapidly growing companies including management incentive plans, IPO market timing and positioning, M&A strategies and negotiations and adviser selection. Meritech investments in industry-leading companies include 2Wire, Acclarent, BigFix, Broadsoft, Cornerstone OnDemand, Danger, Facebook, Fortinet, Greenplum, Netezza, NetSuite, PopCap, Presidio, Riverbed, Salesforce.com, Sourcefire, SpringSource, Tele Atlas and Zipcar. Meritech is located in Palo Alto, CA and can be found at www.meritechcapital.com.
Rally is the recognized leader in Agile application lifecycle management (ALM). We are dedicated to helping organizations embrace Agile and Lean development practices that increase the pace of innovation and improve product quality. According to a study by QSM Associates, software-driven companies that rely on Rally's Agile ALM products and services are 50% faster to market and 25% more productive than industry averages. The company's experienced services group, including training through Agile University, guides companies through the organizational change required to become innovative, Agile businesses. Rally's products, including AgileZen, currently support more than 9,700 corporate customers and 112,000 users in over 100 countries. For more information, visit www.rallydev.com.
Press Contact: Lara Vacante