Cloud-based website monitoring and software analytics provider New Relic has raised $100 million in financing that will be put towards product development and expanding the company’s international presence.
The funding comes from a Series F round led by BlackRock, Inc. and Passport Capital, LLC, and also involved participation from T. Rowe Price Associates, Inc. and Wellington Management.
According to tech blog Re/code, a source familiar with the deal places New Relic’s total valuation at around $1.2 billion to $1.3 billion.
New Relic is among a handful of application performance monitoring solutions that isolate and analyze the root causes of errors within software stacks, some of which have grown increasingly complex with the adoption of cloud architecture.
In October 2013, New Relic began providing real-time application performance monitoring for Cloudscaling’s Open Cloud System cloud infrastructure, allowing developers to quickly see if their applications are running properly in hybrid cloud environments.
Last month, New Relic launched a real-time SaaS analytics platform known as “New Relic Insights,” which allows users to get Big Data insights from collected data.
Headquartered in San Francisco, New Relic opened first international office, in Dublin, Ireland, in February. With this new funding, it is planning on further expanding internationally in Europe, the Middle East, and Africa.
New Relic founder and CEO Lew Cirne said in a statement, “This funding will help us further accelerate company momentum on a global basis, build out our presence among large enterprises and develop both new and existing products, including our real-time analytics platform to enable more organizations make better data-driven business decisions.”