RealTime IT News

InteQ Nabs $57 Million

InteQ, a Bedford, Mass., provider of IT infrastructure management services, for enterprises, has raised $57 million in second-round financing to hire additional sales staff.

The backing is comprised of $40 million is equity investment and $17 million is in convertible debt funding. Investors include affiliates of Merrill Lynch , Mercury Interactive and Charles River Ventures and M/C Venture Partners.

"This ultimate combination of marquee investors, closing a significant round in a difficult economic environment, and the top-notch team we have put together positions InteQ with a huge competitive advantage to execute on the enterprise (managed service provider) model we have created," InteQ CEO Santhana Krishnan said.

InteQ's InfraServices product monitors performance and availability of IT systems. It also proactively prevent outages and keep their internal and hosted infrastructures running at peak performance. The company also offers consulting services.

"With an advanced technology platform, market readiness and a dynamic business model designed to sustain growth and profitability, InteQ is ideally positioned to capitalize on a tremendous market opportunity and claim significant market share in this space," said Rick Burnes, a Charles River Ventures general partner.

Privately held InteQ was founded in 1995 by Krishnan. In December, it raised $15 million in venture capital from Charles River and M/C Venture Partners.