Outsourcing governance software provider Digital Fuel today announced that it has secured $20 million in new funding.
Funds advised by Apax Partners, one of the world's largest private equity firms, led the round. Apax Partners was joined by previous Digital Fuel investors Benchmark Capital, Israel Seed Partners, and Sigma Partners in this round.
Digital Fuel is headquartered in San Mateo, California, has R&D facilities in Israel, and sales offices across North America and Europe.
Digital Fuel's ServiceFlow application suite enables enterprises to control the quality and costs of any business or IT service, ensuring the success of outsourcing and providing an enterprise-wide business services management solution.
Digital Fuel has been successful in winning top tier customers and partners and manages some of the largest outsourcing contracts in North America and Europe. Customers include Procter & Gamble, General Electric, Siemens, CSC, O2, and Atos-Origin.
Digital Fuel CEO Yisrael Danczig stated, "These funds will allow us to rapidly expand our sales and services to meet customer demand and to accelerate the development of our next generation of products."
Apax Partners director Gal Hayut stated, "The outsourcing market has grown significantly in the last years, estimated today at $300 billion and expected to maintain its rapid growth. Digital Fuel's solution addresses the growing need of the outsourcing market for service management solutions. This kind of investment fits our venture strategy of investing significant amounts in later stage and more mature companies like Digital Fuel."
Published by Globes [online], Israel business news - www.globes.co.il - on Wednesday, January 05, 2005