A fast-growing Santa Barbara IT firm has hit it big with a $130 million capital raise.
LogicMonitor, headquartered at two offices in Santa Barbara, said Providence, R.I.,-based Providence Equity Partners invested $130 million in the IT service firm June 16. Steve Francis created the cloud-based service in 2008 that allows businesses or IT departments to keep track of how busy their servers are.
The company employs about 70 people in Santa Barbara and also has offices in China, London and Singapore. The company said in a news release the funds will be used to open other international offices and to develop new products.
“LogicMonitor is thrilled to partner with PSG to accelerate our growth,” said LogicMonitor CEO Kevin McGibben in a news release. ”We are excited for the additional growth opportunities that our PSG partnership will bring.”
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