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Financials : Banks | Large Cap Value
Company profile

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S. Trust, Bank of America Private Wealth Management; Global Banking, which provides a range of lending-related products and services; Global Markets, which offers sales and trading services, and All Other, which consists of equity investments, residual expense allocations and other.

Closing Price
$34.85
Day's Change
-0.06 (-0.17%)
Bid
--
Ask
--
B/A Size
--
Day's High
34.96
Day's Low
34.70
Volume
(Light)
Volume:
26,447,711

10-day average volume:
38,683,998
26,447,711

OpsRamp Secures Investment Led by Morgan Stanley Expansion Capital to Fortify Enterprise IT with a Single Platform for Digital Operations Management

9:00 am ET January 30, 2020 (Globe Newswire) Print

OpsRamp, service-centric AIOps platform for hybrid enterprise IT operations, today announced the closing of its latest round of investment led by Morgan Stanley Expansion Capital, and with new investor Hewlett Packard Enterprise (HPE). OpsRamp will use the investment to grow and scale the industry's first cloud-based platform for discovery, monitoring, and automation of hybrid, multi-cloud, enterprise environments.

This funding round also includes a second investment from Sapphire Ventures. It marks the close of a successful 2019 that saw 300% net new annual recurring revenue (ARR) growth with the addition of many new customers and partners to the platform. These companies are using the OpsRamp platform for a variety of use cases, including hybrid infrastructure monitoring, incident management, AIOps, and a digital operations command center.

"Today, every company has a mission-critical reliance upon software. We see tremendous opportunity in equipping IT operations teams with the next generation platform they need to maintain software availability, business service performance, and to use automation and artificial intelligence to work efficiently and effectively across hybrid, multi-cloud environments. We're excited to partner with OpsRamp to build their leadership position as this category continues to grow," said Pete Chung, head of Morgan Stanley Expansion Capital.

Paul Glaser, Vice President and Head of Hewlett Packard Pathfinder, had this to say about their commitment to the company: "As more of our customers transition to hybrid infrastructure, we find the OpsRamp platform to be a differentiated IT operations management offering that aligns well with the core strategies of HPE. With OpsRamp's product vision and customer traction, we felt it was the right time to invest in the growth and scale of their business."

"We're delighted to continue our commitment to OpsRamp and their mission of transforming IT teams into the drivers of digital transformation for modern enterprises," said Nino Marakovic, CEO and Managing Director of Sapphire Ventures. "The company's growth and trajectory is impressive, and I believe that signals they're addressing the right need at the right time."

"The business opportunity for OpsRamp is tremendous," said Varma Kunaparaju, co-founder and CEO of OpsRamp. "Modernizing legacy IT operations management, technology debt, and supporting digital transformation is where our platform drives value to the enterprise. Point tools aren't enough to support the monitoring and management of today's hybrid, multi-cloud environments. This funding will drive the growth and scale we need to deliver on this vision."

Gartner research forecasts strong growth in this segment. Their most recent report on worldwide IT operations market share indicates "The IT operations management software market grew 12.4% in 2018, reaching $28.3 billion...Traditional on-premises ITOM tools will continue to face new challenges and competition from infrastructure, platform and open-source software (OSS) vendors that bring not only focused technology to market, but also alternative business models, such as cloud services, subscription for on-premises deployment and utility-based pricing schemes."

With over 1,400 customers using the OpsRamp platform worldwide, OpsRamp continues to help enterprises and managed service providers transform into service-centric organizations and deliver digital customer experiences that meet business goals. The platform also continues to build a thriving marketplace of alliances with AWS, ServiceNow, Google Cloud Platform, and Microsoft Azure.

About OpsRamp

OpsRamp enables IT to control the chaos of managing their hybrid IT operations and act like a service provider back to the business. Built in the cloud, the OpsRamp service-centric AIOps platform drives total visibility across hybrid infrastructures, offers complete multi-cloud infrastructure monitoring and management of business-critical services, and optimizes services through automation and integration with ITSM and DevOps tools. Now enterprise IT can deliver IT operations as a service and power a digital operations command center that's built for the challenges of modern, hybrid infrastructure.

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To learn more about the OpsRamp service-centric AIOps platform, visit www.OpsRamp.com.

About Morgan Stanley Expansion Capital

Morgan Stanley Expansion Capital is the growth-focused private investment platform within Morgan Stanley Investment Management. Funds managed by Morgan Stanley Expansion Capital target growth equity and credit investments within technology, healthcare, consumer, digital media and other high growth sectors. For over three decades, Morgan Stanley Expansion Capital has successfully pursued growth investment opportunities and has completed investments in over 190 companies leveraging the global brand and network of Morgan Stanley. For further information about Morgan Stanley Expansion Capital, please visit www.morganstanley.com/im/expansioncapital.

About Hewlett Packard Pathfinder

To learn more about Hewlett Packard Pathfinder's investment in OpsRamp, please visit our Pathfinder website.

About Sapphire Ventures

Sapphire Ventures is a venture capital firm focused on helping innovative technology companies become global category leaders. Leveraging nearly two decades of experience and an extensive global executive network, Sapphire invests capital, resources and expertise to enable its portfolio companies to scale rapidly through a powerful business development, marketing and talent platform. With approximately $4 billion in assets under management across its Sapphire Ventures, Sapphire Partners, and Sapphire Sport investment platforms, Sapphire is positioned to elevate companies across technology sectors to the global stage. To learn more about Sapphire Ventures, please see: https://sapphireventures.com/.

Media Contact:

Jordan Sher

Senior Director, Corporate Marketing

(303) 503-9246

jordan.sher@opsramp.com

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