TAMPA, Fla., Aug. 8 -Persystent Technologies, (http://www.persystent.com), an innovator in desktop auto-repair and configuration management, today announced it has secured $7 million in a Series B round of funding. The round was led by Valhalla Partners with participation from existing investors including Inflexion Partners, Tall Oaks Capital, and Village Ventures. The proceeds will be used to expand sales, marketing, development and operations. Additional hires will include key members of the management and channel sales teams.
Persystent Technologies solves a problem faced by every enterprise IT organization today -- the lack of resources to both support day to day needs of end-users and alternatively devote time to strategic IT initiatives to keep pace with the growing demands of the business. Help desk costs and spending on IT support services, continue to soar. Gartner Dataquest estimates that in 2005 $59B will be spent on IT services related to software support. Labor, management and outside consulting services are not included in this estimate but add significantly to the overall burden on help desk resources and IT budgets. A large portion of that spending is for desktop PCs with configuration issues that can easily be resolved or avoided through sound policies and properly deployed tools for configuration management and auto repair.
Persystent's solution will relieve the IT department of a majority of their systems support tasks by eliminating "Configuration Creep" and other hidden issues that impact user and desktop productivity. By monitoring system configurations, maintaining compliance with licensing and management policies, Persystent's products proactively repair PC problems without IT staff, or end- user intervention.
"Persystent Technologies has a significant competitive advantage with its extensive customer base and innovative use of proactive, yet transparent technology. This funding validates Persystent's vision of increasing the usability and reliability of computing devices," said Ray Weadock, President and CEO Persystent Technologies. "With our innovative solutions and talented team, Persystent will dramatically reduce help desk calls and overall support costs for IT departments."
Hooks Johnston of Valhalla Partners stated, "We look for companies with strong management teams and sustainable market leadership. Persystent Technologies, with its focus on desktop availability and efficient systems management, fits that mold. The company's product is a fit for top IT organizations as well as a long list of service providers and strategic technology partners. We anticipate that Persystent's products will be become the 'best of breed' solution for help desk and IT service support organizations."
Charles Resnick, Managing Partner at Inflexion Partners added, "We're very pleased to work with Persystent Technologies as they assist enterprise IT organizations in preserving resources and cutting costs. With a growing customer base and unparalleled products, Persystent is uniquely equipped to address the rapidly growing demand for desktop management solutions. In addition, we are thrilled to have Valhalla as a partner; they will significantly help the company's growth."
About Valhalla Partners
Valhalla Partners is a leading venture capital firm focused on working closely with entrepreneurs to build enduring technology companies. Valhalla assists entrepreneurs by offering both seasoned advice and best practices that have been developed over the last twenty years. During that time, the Valhalla team has invested in or served as senior executives in over 100 entrepreneurial companies.
About Persystent Technologies
Persystent Technologies, headquartered in Tampa, FL is the innovator in desktop auto repair and configuration management. The company was founded in 2002. Persystent's technology addresses existing and emerging challenges in the management of end-user systems. The company's auto-repair capability provides immediate financial value to enterprises by dramatically reducing technical support costs and increasing end user system availability. Only Persystent takes the unique approach of proactively preventing PC problems before the user is aware that they exist and automatically repairing problems without IT or end-user intervention. For more information, visit http://www.persystent.com.
