Itential Raises $20 Million Series B to Advance Network Automation in the Enterprise
Company Expands Cloud-Native Offering and Adds Board Leadership to Meet Global Market Demand
ATLANTA, April 13, 2021 /PR Web/ — Itential®, the leader in network and cloud automation, has raised $20 million in Series B financing from Elsewhere Partners, an investment firm backing scaleup software companies with thoughtful capital, subject matter expertise, and a network of seasoned operators. As it helps its customers navigate the complexity of hybrid and multi-cloud networks, Itential will use the funds to accelerate its core business and continue to build its Software-as-a-Service (SaaS) offering to expand within the global enterprise market.
Founded in 2014, Itential helps Fortune 500 companies, Communications Service Providers, and Enterprises of all sizes automate their most critical infrastructure, working across physical, virtual, and hybrid, multi-cloud networks. Itential’s low-code, vendor-agnostic platform seamlessly connects to any IT system, cloud, or network technology for configuration, compliance, and automation.
As a part of the investment, Cam McMartin, one of Elsewhere Partners’ Operating Advisors, joins the Itential board. McMartin previously held the roles of COO and CFO at SailPoint Technologies (NYSE:SAIL), where he steered the company towards a SaaS hybrid business model from an on-premises solution.
Elsewhere’s Operating Advisor network includes over 100 C-Suite executives like McMartin who have collectively scaled software businesses at all stages to successful exits. Elsewhere places these leaders on portfolio boards as part of its investments to provide tailored guidance to company leaders.
Elsewhere previously invested a $5.5 million Series A in Itential in 2017 to accelerate the company’s existing go-to-market and product roadmap.
“Itential’s comprehensive low-code approach to network automation saves time and human capital on traditionally cumbersome, manual processes,” said McMartin. “We have been impressed with the company’s ability to quickly deliver and showcase value across enterprises of all sizes and its pragmatic approach to product-led growth to address its customer needs.”
“Itential is seeing a tremendous response from customers and partners to adopt network automation. We are honored to have our Series B led by Elsewhere Partners and share our vision in transforming how enterprise networks are managed,” said Ian Bresnahan, President, CEO and co-founder of Itential. “We are delighted to welcome Cam McMartin to our Board and to receive the ongoing support from Elsewhere on this exciting journey.”
Itential provides powerful network automation software to companies worldwide, from Fortune 500 telecommunications and financial service companies to enterprises of all sizes. We are committed to building world-class products that accelerate the move toward software-driven networks and next generation, agile network operations. We are exclusively focused on delivering network automation solutions that help our customers realize their vision of digital transformation. Our solutions leverage the latest thinking, open standards, open architectures, partners and best practices to drive network operations and maximize the impact of automation.
Elsewhere Partners is a growth-stage investment firm that partners with Elsewhere Outliers—B2B software companies that are located outside of traditional venture capital hubs and have achieved substantial customer traction and revenue growth without significant outside funding. Elsewhere offers these scale-up companies a unique mix of thoughtful capital, subject matter expertise, and an incredible network of seasoned operators, to help them achieve exit readiness on their timetable. To learn more, visit www.elsewhere.partners.