ObserveIT, the provider of user activity recording and auditing software, announced today that it has raised $20 million from Bain Capital Ventures. Growing over 3, 500% in the past five years, ObserveIT’s solution is used at more than 800 corporations in 70+ countries. ObserveIT will use the funding to expand U.S. headquarters and overall product development, sales and marketing.
Founded in 2006, ObserveIT’s fifth-generation system provide complete visual log via a software-only solution and provides comprehensive monitoring and insight into user activity that enables its customers to solve compliance, security and IT operational problems.
“ObserveIT helps customers protect sensitive data, comply with government regulations and achieve peace-of-mind about how data is being used, accessed and managed, ” said Gabriel Friedlander, CTO and co-founder of ObserveIT. “The significant investment from Bain Capital Ventures will help us reach broader audiences and additional industries, enabling us to offer the same level of security and peace-of-mind to a much wider marketplace.”
Awarded 3rd place in the Deloitte Technology Fast 50, ObserveIT Customers include such name brands as: GE Money, ING, Toshiba, Xerox, Coca-Cola, Samsung, T-Mobile, Vodafone, UPS, Fujitsu and Cisco. Partnerships with leading software companies like Citrix, CA and IBM also extend the reach of ObserveIT solutions.
ObserveIT is headquartered in New York and has offices in Tel Aviv.
About Bain Capital Ventures
Bain Capital Ventures is the venture arm of Mitt Romney‘s Bain Capital, which has approximately $70 billion of assets under management worldwide. The firm’s history of investing in early stage companies dates back to 1984 with over 125 venture investments since inception. Bain Capital Ventures manages approximately $2 billion of committed capital, has over 65 active portfolio companies, and has offices in Boston, New York, and Palo Alto. The firm’s history of backing successful IT and software companies includes Solarwinds (NYSE:SWI), LinkedIn (NYSE:LNKD), Rapid7, Archer Technologies, Network Intelligence, AppAssure and Gartner.