San Diego, December 5, 2006 – Service-now.com, the leading provider of On-Demand IT service management solutions today announced that it has secured $5 million of Series B funding to grow its business from JMI Equity. Service-now.com provides management applications to improve IT service to business customers through a SaaS delivery model. The software can either be deployed as a hosted offering or through an on premise deployment allowing a customer to pass responsibility for upgrades, and infrastructure requirements to Service-now.com and conserve capital through a subscription based license.
“We are pleased that JMI has the confidence in us to take the entire B round,” said Mr. Andy Chedrick, Chief Financial Officer at Service-now.com. “We will be using the funds to expand our sales force and to build our infrastructure to support our growing list of customers. We also plan on continuing to increase the functionality of our product and add new modules such as network inventory to feed our robust configuration management database.”
“CEO Fred Luddy has built a solid management team to take advantage of the On Demand IT service management software market,” said Mr. Paul Barber, JMI Equity General Partner and Service-now.com Board Member. “I have every confidence Servicenow.com will continue its rapid growth within the Global 2000 company base.”
“JMI is more than just a provider of capital,” said Mr. Fred Luddy, Chief Executive Officer at Service-now.com. “Paul and his team’s deep understanding of both the changing software and services market will be of particular value to our ‘Software as a Service’ (SaaS) delivery model.”
Service-now.com is the leading provider of On Demand service management solutions. The Company’s integrated suite of ITIL enabled applications is flexible, autoupgradeable and simple to use. Using Service-now.com software as a service allows a customer to pass responsibility for upgrades, and infrastructure requirements to Servicenow.com and conserve capital through a subscription based license. Service-now.com is based in San Diego, California and has customers using its product in North America, Europe and the Asia-Pacific. Additional information on Service-now.com can be found at http://www.service-now.com
About JMI Equity
JMI Equity is a private equity firm focused on investing in growing software, internet and business services companies at all stages of their lifecycles. Founded in 1992, JMI has invested in 96 leading businesses in its target markets and has approximately $1.3 billion of committed capital under management. JMI provides capital for growth, recapitalizations, acquisitions and buyouts. Representative investments include Blackbaud, DoubleClick, Eloqua and Service-now.com. For more information on JMI, visit http://www.jmiequity.com.
Service-now.com® is a registered trademark, and Service-now™ is a trademark, of Service-now.