Wednesday, September 18, 2013

Blue Jeans Network securesh $50 million in funding

Blue Jeans Network secures $50 million in funding
Wed, Sep 18 07:30 AM EDT
Sept 18 (Reuters) - Blue Jeans Network, a software-based video conferencing company, has raised $50 million in new funding led by Battery Ventures, the startup said on Wednesday.
The new funding round brings overall financing to nearly $100 million, Blue Jeans Network said.
The company, founded in November 2009, allows users to talk to each other no matter what video service they use.
It enables Skype users to talk with those using Google hangout, for example, and bridges services from vendors such as Microsoft, Cisco or Polycom. It is also integrated with LinkedIn.
"Along the way, Blue Jeans set a new standard for SaaS (software as a service) business models with exceptional revenue growth and retention rates that rivals companies like Salesforce and Workday at similar stages," said Battery Ventures' general partner Roger Lee.
The company was founded by former Cisco executive Krish Ramakrishnan and former Blue Coat Systems CTO Alagu Periyannan and is backed by Accel Partners, Norwest Venture Partners, and New Enterprise Associates, who also participated in the new funding round.
Blue Jeans Network's customers include Facebook, Foursquare, and Stanford University.

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