Rally announces $16 million round
Wednesday, January 6, 2010
Posted by: Su Hawk
BOULDER, Colo., Jan. 5, 2010 - Rally®, the leader in Agile application lifecycle management (ALM), announced today that it has closed a $16 million round of funding led by Greylock Partners, a leading venture capital firm with a 45-year track record of successful investment in companies including Constant Contact, Digg, Facebook, LinkedIn, Pandora, Red Hat, RightNow Technologies, Success Factors, Wily Technology and Workday. This infusion of new capital lets Rally accelerate its hiring of engineers to take advantage of its success in the ALM and project/product portfolio management (PPM) markets. In addition, Tom Bogan, Venture Partner of Greylock, becomes the newest member of Rally's board of directors.
"SaaS and Agile will continue to revolutionize how software and hardware get developed worldwide," said Bogan. "I first met Rally Software in 2004. I've tracked the company over the last five years as it has become the market leader in Agile ALM. Tim Miller and his team are the kind of leaders we like to invest in - smart, serial entrepreneurs with a vision who can also really execute."
While most companies struggled in 2009, Rally nearly doubled its product revenue and ended the year forecasting 2010 cash-flow-positive performance. Rally's solutions address the complexities of successfully implementing Agile development and Lean practices with the right combination of tools, services and best practices. Rally's award-winning products not only help development organizations speed innovations to market and reduce costs, but they also enable unprecedented transparency and collaboration across all roles and activities engaged in the company's idea-to-market lifecycle.
"Rally has enjoyed tremendous progress this past year and is in terrific shape as a company. Greylock's investment positions us to further accelerate our growth strategies," said Tim Miller, CEO of Rally Software. "I couldn't be more pleased to add Tom Bogan to our board and Greylock to our group of syndicate backers with their industry knowledge, successful investment experience and strong network."
Bogan brings years of market-leading ALM industry knowledge to Rally's board of directors. He was President and COO of Rational Software, an S&P 500 enterprise software company, from 2000 until its sale to IBM in 2003. He previously had served Rational as its COO and as General Manager of its testing business from 1996 to 2000. In addition to Bogan, Rally's board members include: Brad Feld of Mobius Venture Capital, Tim Miller of Rally Software, Lisa Reeves of Vista Ventures, Peter Roshko of Boulder Ventures and Bryan Stolle of Mohr Davidow Ventures.