Tuesday, August 9, 2011
ServiceNow Expands In Silicon Valley, As Revenues Exceed $125M
San Diego-based ServiceNow, the venture-backed, privately backed developer of IT management software, said today that it has passed $125M in annual revenues, and has opened up a new, San Jose development center. According to the firm, it is seeing rapid growth and interest in its cloud-based service for IT management, with more than 100 percent revenue growth between June 30, 2010 and June 30, 2011. The firm said it hired 130 new employees in San Diego in the last 90 days, and now has approximately 400 employees, with plans to grow by another 100 by the end of September. the firm's new San Jose development center will be headed by Moti Eliav. ServiceNow is venture backed by Sequoia Capital. The privately held firm last disclosed its annual revenues in July of 2009, saying it had more than $28M in recurring revenues. It's fairly unusual for private firms to disclose their actual financials, unless they are doing very well.