SingleHop, a privately held company focused on providing highly automated Internet infrastructure-as-a-service (IaaS) and cloud computing, has completed its first-ever institutional financing, a $27.5 million round led by Battery Ventures. Battery's Dave Tabors and Morad Elhafed will be joining co-founders Dan Ushman and Zak Boca on the SingleHop Board of Directors.
"Our business is unique in the hosting industry because all of our services are provided through our proprietary and fully automated platform. This gives us great operational advantages, and with the growing demand for hybrid solutions, it also positions us very well to offer a unified experience to our clients. We're excited about this next step as we work with an experienced investor to continue to grow the business," says Zak Boca, CEO of SingleHop.
SingleHop spent its first two years in business researching and developing its proprietary management platform, dubbed LEAP, which enables its clients to design, deploy and manage all their Internet infrastructure from one, unified platform. The company announced record setting 2011 earnings in February. "Battery has a proven track record for nearly 30 years investing in technology companies. We are very excited to join the ranks of other technology leaders such as Akamai, Bladelogic, Groupon and Marketo. Our new relationship with Battery comes at an ideal time and will be a huge asset as we continue our rapid expansion," added Dan Ushman, Co-Founder and CMO of SingleHop.
"SingleHop is well positioned given the rise in cloud computing and demand for outsourced IT services. With its automated technology platform, the company has carved out a unique position in the market," said Dave Tabors, Battery Ventures General Partner. "Customers are happy and sticking around, and that's a direct result of the company's business model, coupled with superior technology and a smart leadership team. We're really looking forward to helping this company scale."
Cheval Capital, Inc. advised SingleHop on the transaction and American Chartered Bank also participated in the round.
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