Tealeaf Announces $10M in Funding, Gains Momentum in Key Industries
Brand name customers reflect momentum in key vertical industries such as retail, financial services and manufacturing
San Francisco, CA, July 6, 2004 - Tealeaf Technology®, the leader in Web application availability, today announced an oversubscribed $10 Million Series D round of funding co-led by Bay Partners, Foundation Capital and Matrix Partners with participation from JPMorgan Chase — all of whom participated in previous investment rounds in the company. In addition, the company announced that it is gaining significant momentum within key vertical industries such as retail, financial services, and manufacturing. Brand name customers include Wells Fargo, Conseco, Quixtar, Best Western Hotels, priceline.com, Mary Kay, Martha Stewart Living Omnimedia, World Savings, Texas Instruments and Hammacher Schlemmer.
"As businesses increasingly turn to the Web as a primary vehicle for conducting business, a key missing element is visibility from the end user perspective. Tealeaf's patented technology uniquely provides actionable insight, in real-time, to every user and every transaction and alerts to business process success or failure" said Rebecca Ward, CEO of Tealeaf. "The additional capital enables us to invest in marketing and sales to capitalize on the strong market demand for our products, and to further research and development of the RealiTea platform."
Ward has headed the fast-growing startup for the past six months, and came to Tealeaf with a wealth of experience in managing and growing technology businesses. Most recently serving as entrepreneur in residence at Foundation Capital, Ward also previously served as group president of engineering, marketing, and product development at Digex where revenues grew to $214 million during her tenure.
Tealeaf's traction in multiple industries and segments is fueled by the needs of companies who demand unprecedented insight into the "real" user experience of their business-critical Web applications, and are realizing quantifiable ROI on their investment. Tower Records is just one example; the company calculates that it has recovered up to $8,300 per hour and up to $139 per minute of previously lost revenue due to improved site availability, transaction success and customer experience.
Geoffrey Bock, senior vice president at Patricia Seybold Group, adds, "Tealeaf's success is the result of a scalable product that addresses a critical business need-monitoring and measuring what matters to customers. Companies are acutely aware that they lack visibility into the most important layer of their web application — the complete customer experience. Tealeaf uniquely addresses this need by tracking the activities of every customer, every transaction, every time — with an awareness of not only the application itself, but also the business processes."
Tealeaf offers the first and only Web application management solution that gives immediate awareness to critical issues affecting the customer's ability to successfully transact or complete a business process. Because Tealeaf captures and evaluates the complete session of every real user, it can immediately identify application errors and business process failures. By providing the means to replay every individual session, it can visually pinpoint the sequence of actions that preceded a failure, exactly as the user saw it. Tealeaf provides the necessary visibility into what the real user does and sees, the required context to recreate the problem and what led up to it, and the means to correlate the problem back to the individual user or users affected so companies can understand the true business impact of an outage. As a result, Tealeaf increases the availability of Web applications, reduces application support costs, and protects revenue streams.
About Tealeaf Technology
Tealeaf Technology® is the leader in application availability as measured by the real user, and is the only Web application
management solution focused on the true availability of Web applications. Using patented technology, the award-winning Tealeaf
solution captures every user session, detects business process and application failures in real time, alerts to these problems
immediately, and correlates the problems to the end user instantly. The result to IT is immediate awareness of critical failures,
accelerated problem resolution and increased conversion rates due to better, more effective applications. Tealeaf is headquartered
in San Francisco, CA. For more information, email info@tealeaf.com or visit the Web
site at www.tealeaf.com.
© Copyright 2003 Tealeaf Technology, Inc. All rights reserved. Tealeaf products and services mentioned herein are the registered or unregistered trademarks and service marks of Tealeaf Technology, Inc. All other trademarks or service marks are the property of their respective holders and are hereby acknowledged.
Press Contacts:
Tealeaf Technology: Geoff Galat
415.932.5287
ggalat@tealeaf.com
Kulesa Public Relations: Cathy Wright
650.595.1871
cathy@kulesapr.com
