Response Networks Lands Additional Funding
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Response Networks, a North Andover, Mass-based provider of service-level management software, announced yesterday that it has secured a fourth round of funding. The company reports that it will receive $4 million now and an additional $1 million by the end of the year.
Zesiger Capital Group, a money management firm based in New York City, is the lead investor in this round of funding and is joined by existing investors in Response Networks, including Blue Rock Venture Capital, Cisco Systems, Hickory Venture Group, Keystone Venture Capital and Mid-Atlantic Venture Funds.
"Response Networks has world-class products that provide customers with measurable business benefits, a sound business model that will help the company build and maintain a leadership position in its marketspace, and a strong management team to make it happen," said Albert A. Zesiger, Zesiger Capital Group's managing director in a statement released yesterday. Zesiger previously founded BEA Associates, growing the portfolio there from $60 million to $28 billion.
Response Networks will use the new capital to finance development and distribution of its flagship solution, Pulsar xSP, a service level compliance platform designed to monitor hosted application services from the end-user perspective (see Response Networks Debuts Pulsar xSP). The company will also use the funding to expand channel partnerships for its ResponseCenter application performance monitoring software. Response Networks recently introduced a new version of ResponseCenter, designed to offer more robust reporting and monitoring capabilities
"This new funding, combined with our progress to date, provides Response Networks with the working capital it needs to continue building great technology and market share," said Ted Joseph, CEO of Response Networks.