PHD Virtual Technologies today announced that it has received an additional round of investment funding from Insight Venture Partners and Citrix Systems, Inc. Following five consecutive quarters with year over year growth of 50% or higher, PHD Virtual will use the additional capital to accelerate its product development and hire additional sales professionals.
“PHD Virtual is one of our fastest growing portfolio companies and we are very excited about the progress they have made in customer base growth and product portfolio expansion,” said Mike Triplett, Managing Director, Insight Venture Partners. “Virtualization adoption continues to accelerate and PHD Virtual is well positioned to capitalize on the large and growing market demand for solutions that simplify and optimize virtual environments.”
“Our investment is driven by the strong synergy with our XenServer product line as well as PHD Virtual’s platform agnostic strategy for backup and monitoring of virtual infrastructure,” said Andy Cohen, VP of Strategic Development, Citrix Systems, Inc. “As a valued partner, PHD Virtual continues to expand the XenServer ecosystem with enterprise class data protection and monitoring solutions that help meet the needs of our joint customers while aligning with our strategy of delivering solutions that support heterogeneous virtualization environments.”
“The business has made great strides in the past year, highlighted by five consecutive quarters of record growth,” said Thomas Charlton, Chairman and CEO, PHD Virtual Technologies. “I couldn’t be more proud of the team we have here at PHD Virtual. Over the past 5 Quarters we have released 3 new products, expanded our distribution network, and sharply increased our customer base by achieving key competitive wins with our unique and innovative technologies. The additional capital will allow us to capitalize on this momentum by adding sales personnel, accelerating product development and increasing marketing investments.”
