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| GroundWork Open Source Secures $12.5 Million GroundWork Open Source has secured $12.5 million in its third round of venture capital financing. The Series C round includes new investors JAFCO Ventures, SAP Ventures, the corporate venture investing arm of SAP AG, and existing investors, Canaan Partners and Mayfield Fund. Investment proceeds will be used to extend GroundWork's worldwide adoption and phenomenal customer traction, grow the GroundWork Partner Network, and broaden the product portfolio. GroundWork unifies leading open source projects to deliver enterprise-class IT systems and network management solutions at a fraction of the cost of proprietary solutions, including HP OpenView. Offering the widest range of support for operating systems, applications, and networked devices, organisations can leverage the flexibility and low cost of open source tools to achieve enterprise-level availability, performance and operational efficiency at a fraction of the cost of traditional software. GroundWork Monitor Professional, the company's flagship solution, has been deployed in more than 20 countries spanning key vertical markets including finance, technology, construction, education, government, manufacturing, utilities, healthcare, and pharma. In 2006, GroundWork had a 400% increase in subscription revenue while surpassing the 200 customer milestone. write your comments about the article :: © 2007 Computing News :: home page |