Skip to main content

Service-now.com Gets $41M Infusion; CEO, CFO Take $37M Off Table




Service-now.com has raised $41M of a $66M funding round, the company disclosed in an SEC filing today. The company was founded by Fred Luddy in 2004 to provide on-demand Enterprise IT services and 2009 has been a boom year for the company. Service-now.com specializes in cloud-based Software as a Service (Saas) IT service management solutions. They cover everything from licensing compliance to the service desk all with a built in analytics system.

On July 21 of this year a company press release detailed some of the company's accomplishments including: recurring revenue of more than $28 million, 105 percent growth in recurring revenue and a variety of accolades. We're awaiting word from Service-now.com about the funding. In the meantime we can deduce that some of the funding is probably from Sequoia Capital.



Service-now.com has raised $41M of a $66M funding round, the company disclosed in an SEC filing today. The company was founded by Fred Luddy in 2004 to provide on-demand Enterprise IT services and 2009 has been a boom year for the company. Service-now.com specializes in cloud-based Software as a Service (Saas) IT service management solutions. They cover everything from licensing compliance to the service desk all with a built in analytics system.


On July 21 of this year a company press release detailed some of the company’s accomplishments including: recurring revenue of more than $28 million, 105 percent growth in recurring revenue and a variety of accolades. We’re awaiting word from Service-now.com about the funding. In the meantime we can deduce that some of the funding is probably from Sequoia Capital. Douglas Leone, who may have already been an investor, has become a director and the page of Partner Patrick Grady has been updated to reflect a new involvement with Service-now.com (Nov 30 and now).


Interestingly, the company did not gain much capital from the funding. The SEC filing notes that $37M of the funding was used to repurchase shares of the Service-now.com’s common stock held by its CEO Frederic Luddy and CFO Andrew Chedrick. That is ~90% of the money received in the tranche and over 55% of the total round. From time to time discussion flares up about the idea of founders taking money off the table in funding rounds. It appears investors Sequoia Capital and JMI Equity were okay with it in a big way this time around.


Update: We’ve just received word from CEO Fred Luddy confirming that Sequoia led the investment and that the entire round went towards buying employee stock, not just his own and his CFO’s. He sounds excited about the involvement of Sequoia and Douglas Leone.


Crunch Network: CrunchBase the free database of technology companies, people, and investors












Comments

Popular posts from this blog

How to find ideas to post new article in your blog

How to find ideas to post new article in your blog    阅读原文»   It is true that sometimes being a blogger may face situations where I would personally like to call it your brain juices got dried up as you have pretty much ran out of topic to blog and you are in crisis as your readers are anxiously waiting for your new posts but you are unable to give in. That’s when you will probably come with excuses like I just posted last week although that post was more directly towards the newbies who stop themselves from making money but it’s still pretty much the same even though you consider yourself not a newbie. The fact is that ideas are everywhere and I mean everywhere if you know where to find it and know how to leverage it. You may be surprised that sometimes these ideas are just right in front of you but you are not observant enough to convert these ideas and turn it into your blog post. Today I will share some tips on where to get these ideas and...

Lindsay Lohan Breakup Confirmed by Lohan, Locksmith, Police [Gossip Roundup]

Farewell, last season's Suri Cruise fashions. Goodbye, Amy Winehouse's bathing suit. Adieu, humanoid version of Lauren Conrad. And so long, LiLo and SamRon's fairytale romance. Lindsay Lohan confirmed her split with Samantha Ronson and insisted the decision was part of a very healthy and mature effort to " focus on myself ." Upon hearing this, Ronson changed her locks and discussed a restraining order with police, so confident was she in Lohan's ability to turn productively inward. Lohan promptly had a run-in with the police . Who would have imagined such a messy breakup for this model relationship? Courtney Love's lawyer, on her client's drug-fueled plunge into broke-ness: ""Courtney noticed the money was gone when there wasn't any left." Deadpan gallows humor: the only possible response to having Courtney Love as a client. (Besides asking for a hefty retainer.) [ P6 ] Before Lauren Conrad's contract expired in March, MTV...

New Theme: Chteau

New Theme: Chteau    阅读原文» Today we are introducing an elegantly designed and typographically pleasing theme, Chteau . The Chteau Theme Designed by Ignacio Ricci , Chteau has been crafted with close attention to detail and typography. Its beautiful, minimalist look allows you to make your content the focal point of your blog. Aside from a brilliant design, this theme offers many cool features that help you to personalize your blog. There are two color schemes, three layout options, custom accent color, Custom Header Image , Custom Background, six widget areas, and three post formats ― Aside, Gallery and Image. It's loaded with options that make the theme flexible enough to fit a variety of sites. Read all about Chteau's features on the Theme Showcase . Announcing Support for OAuth2 and New Developer Resources    阅读原文» We love developers and the applications they build to help extend WordPress.com in new and meaningful ways. To continue provid...