SAN FRANCISCO — February 26, 2019 – Moogsoft, a pioneer and leading provider of artificial intelligence for IT operations (AIOps), announced today that it had completed its fiscal year ending January 31, 2019 with significant milestones – doubling its customer base year-over-year to more than 120 total customers, including 20 of the Fortune 1000. The company expanded its AIOps platform with new innovations to deliver continuous service assurance to its customers as they accelerate their digital transformation. Marquee customers include American Airlines, Charles Schwab, DirecTV, Dimension Data, Fannie Mae, First Data, KeyBank, McAfee, Navy Federal Credit Union and Qualcomm.
“KeyBank selected Moogsoft based on its proven ability to significantly impact a number of objectives,” said Mick Miller, Senior DevOps Architect, Continuous Delivery and Feedback at Key Bank. “We want to reduce mean time to customer resolution, support our journey to reduce alert fatigue by reducing event noise down to only actionable alerts, and use Moogsoft’s best in class Machine Learning and AIOps approach to IT Operations. Going forward, KeyBank aims to detect critical events faster and improve team collaboration and workflow – thanks to Moogsoft’s focus on quality service assurance.”
Moogsoft highlights over the past year include:
- Strong Year-Over-Year Growth: Total bookings increased 60 percent year-over-year, with annual recurring revenue (ARR) also growing by 60 percent during the period. Moogsoft’s average contract value is approaching $0.5M.
- Accelerated Global Customer Growth: Moogsoft grew its global customer base by more than 2X over the past fiscal year. Customers include global leaders in a diverse range of industries. Some recent customers leveraging Moogsoft AIOps platform include: Bharti Enterprises, Deloitte, Johnson & Johnson, Navy Federal Credit Union, NTT, Quest Diagnostics, Uber, and Under Armour.
- Deepened AIOps Capabilities: Moogsoft announced version 7.0 of the Moogsoft AIOps platform introducing Vertex Entropy and Situation Topology Visualization — two innovative AI-based technologies that help IT teams understand the root cause of any problem impacting customers through a visually rich system topology map. Together, Vertex Entropy and Situation Topology Visualization provide unparalleled insights into the root cause of any problem and full visibility into the complex relationships across IT processes, applications, and devices.
- Strengthened Executive Team: Moogsoft made strategic hires of industry veterans focusing on product innovation, customer success, and long term growth. These include CFO Raman Kapur, COO Amer Deeba, SVP of Engineering Ranvir Wadera, SVP of Products Dan Grigsby, and CMO Sonu Agarwal.
- Growing Channel Relationships: Moogsoft expanded key partnerships with managed service providers including HCL Technologies, Wipro and Tata Consultancy Services. The company signed an OEM partnership with Cisco to package AIOps with its Virtual Managed Services (VMS), a service creation and delivery platform for managed service providers. Moogsoft AIOps was added to the Cisco general price list.
- Expanded Customer Support and Success Team: Moogsoft launched a global services delivery program to onboard new customers and to continue supporting existing customers throughout their AIOps Journey. The program includes free online training, best practices on AIOps implementation and adoption, a named technical account manager, and ongoing support and training.
- Doubled Engineering and Product Teams: To continue supporting customer growth and product innovations, Moogsoft doubled its engineering and product teams between US, UK, and most recently with the addition of a development team in India. This growth allows the company to respond to customer demands and deliver new AIOps capabilities with agility and quality assurance.
“Today’s digital business depends on continuous innovation and demands all customer-facing services and applications to be ‘always-on’,” said Amer Deeba, Moogsoft COO. “At Moogsoft we are helping customers attain this goal by giving them real-time visibility across all data from their numerous services and applications. This helps to surface relevant events and automate event-to-resolution workflow, resulting in earlier detection of incidents, fewer tickets, and happier customers. New product innovations and strategic partnerships remain a big focus for us in 2019 and beyond as we continue helping customers achieve continuous service assurance for their digital transformation initiatives.”
Other milestones of Moogsoft’s year included securing $40M in Series D funding led by Goldman Sachs Growth Equity with participation from existing investors including HCL, Northgate Capital, Redpoint Ventures, Singtel Innov8, STTelemedia and Wing VC. In addition, the company was named one of the best workplaces by Inc. Magazine.
Artificial intelligence for IT operations has exploded in recent years, with roughly 50 percent of enterprises on track to leverage AIOps technologies by 2020, according to Gartner.