State invests in growing software company
Annapolis-based Zenoss will use $250,000 to increase sales, marketing
Governor Martin O’Malley announced that Zenoss, a growing technology company, has received a $250,000 investment from the Maryland Department of Business and Economic Development (DBED). The Annapolis-based company, which is considered a leading developer of IT management software solutions and commercial open source systems management, will use the State funds for growing its sales and marketing efforts. The investment will be made through DBED's Enterprise Investment Fund, a program designed to assist small start-up companies in the high technology sector.
“Maryland’s new economy is fueled by innovation in science, security and technology,” said Governor O’Malley. “Through the Enterprise Investment Fund, we are able to give cutting-edge companies like Zenoss the support they need to grow and expand in Maryland while investing in our State’s intellectual infrastructure.”
Founded in 2005, Zenoss provides “open source” network-monitoring software to commercial users. The company’s flagship product – Zenoss Core – was downloaded more than 500,000 times in 2007, ranking it among the top 10 downloads of networking software on Sourceforge.net, the world's largest Open Source software development Web site. In 2007, Zenoss saw its registered users increase to more than 25,000 and the company’s commercial customer base increased tenfold.
“Companies are eager for alternatives to the costly and cumbersome network and systems management tools offered by HP, IBM, CA and BMC,” said Bill Karpovich, CEO of Zenoss. “Our 500,000 downloads and the rapid growth of our commercial customer base - many of whom are large, publicly traded companies - exemplify this desire for a new approach.”
DBED’s Enterprise Investment Fund provides financing for small start-up technology companies to cover a portion of the initial costs associated with bringing new products to market. Companies are required to provide matching funds to be eligible for the State funding. Since its inception, the Enterprise Investment Program has provided more than 85 emerging technology companies with initial financing support for the commercialization of new technology-driven products. Eligible companies can receive up to $500,000 in assistance from the Enterprise Investment Fund.
For more information, visit www.zenoss.com.