BOULDER, Colo.--()--Rally Software Development Corp.®, the leader in Agile application lifecycle management (ALM), today announced that it has secured an $8 million credit facility from Square 1 Bank. The financing will enable Rally to maintain and grow its leadership position in the Agile ALM market. In 2008, Rally closed a $16.85 million Series C round of financing led by Mohr Davidow Ventures (MDV) with existing backers Boulder Ventures, Mobius Venture Capital and Vista Ventures each increasing their investment.
“We’ve been very impressed by Rally’s strong growth and are ready and willing to partner with Rally, providing financial expertise in support of their success.”
“We're very pleased to have this additional capital to invest in our continued growth, especially given the nature of this economy," said Jim LeJeal, Rally’s CFO. “As more companies adopt Agile for the benefits it delivers and our market grows faster, this added financing puts us in a position to take advantage of strategic acquisitions as well as continue to grow organically.”
Rally is poised to continue its growth in 2009 as it delivers the cost-cutting benefits of Agile practices and on-demand ALM tooling to software and corporate development organizations during the current economic crisis. In January, the company announced the acquisition of 6th Sense Analytics, Inc., provider of an on-demand automated metrics collection and analysis solution for development organizations. In addition, Rally doubled its subscription revenue for the fourth consecutive year and increased its customer base by 70% in 2008. More information on these growth statistics can be found at www.rallydev.com/by_the_numbers/.
“Rally has demonstrated incredible leadership in the ALM market by winning the top awards for its products and earning the business of 54,000 users in 50 countries," said Square 1 Bank’s Ken Fugate, SVP Venture Banking. “We’ve been very impressed by Rally’s strong growth and are ready and willing to partner with Rally, providing financial expertise in support of their success.”
Rally is the leader in Agile application lifecycle management (ALM), dedicated to making distributed development organizations faster and leaner by dramatically cutting the time, cost and effort needed to deliver high quality applications. According to a study by QSM Associates, software-driven companies that rely on Rally's Agile ALM products and services are 50% faster to market and 25% more productive than industry averages. Rally’s products were honored with three consecutive Jolt Product Excellence Awards (the software industry’s equivalent of the Oscar® award) in 2006, 2007 and 2008. The company’s end-to-end solutions for Agile development also include Agile University, the largest source for Agile training, and Agile Commons, the largest collaborative Web 2.0 community dedicated to advancing software agility. As of January 15, 2009, Rally supports 1,500 corporate customers, 33,000 projects and 54,000 users in 50 countries. For more information, visit www.rallydev.com.
About Square 1 Bank
Square 1 Bank first opened its doors August 8, 2005, as a full service commercial bank dedicated to providing financial services to venture capital firms and entrepreneurs in all stages of growth and expansion. Square 1's expertise, focus and strong capital base provide solid support for its clients' needs. The bank offers flexible, tailored products and solutions aided by the latest in technological innovations. To serve its relationships, Square 1 has offices coast to coast in; Austin, Boston, Boulder, Durham, Los Angeles, McLean, New York, San Diego, Seattle, and the Silicon Valley. More information is available at www.square1bank.com.
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