Dyn Secures $50 Million Equity Investment, CEO Resigns

On the heels of Dyn announcing that it has secured $50 million in Series B equity funding from Pamplona Capital Management, a global private equity firm in New York and London, news broke that CEO Jeremy Hitchcock has resigned his post. Hitchcock will remain on the board at Dyn and continue to work under the title of founder, but the company will now be led by Executive Chairman Jim Baum.

This investment will strengthen Dyn’s global go-to-market growth strategy and enable accelerated product development. Additionally, Dyn also announced the launch of its new platform that will help solve the significant challenges associated with operating critical business applications and infrastructure in the cloud.  

“Internet Performance Management is a requirement for global Enterprises as companies leverage the Internet for mission-critical delivery of their business,” says Hitchcock. “We have developed the capabilities to provide unique insights and ability to optimize Internet performance through managing the digital supply chain of information flows. Pamplona’s investment demonstrates a strong commitment to executing on the multi-billion-dollar opportunity and driving an aggressive, industry-leading go-to-market strategy and set of platform capabilities.”

Dyn, which was also recently named Business NH Magazine's Business of the Year in the Technology category, has a client list that includes Pfizer, Visa, Netflix, LinkedIn and Twitter. “Dyn’s IPM solutions are the first network service every single one of our members use when visiting our site. These solutions have made them a trusted partner as we continue to improve and optimize performance across our global networks," says Samir Jafferali, an engineer for LinkedIn.

Dyn also continues to add new business customers each quarter. Eight of the top 10 Internet Services/Retail companies and six of the top 10 Entertainment companies in the Fortune 500 use Dyn. 

Supporting enterprise migration to the cloud has allowed Dyn to grow its revenue by more than 70 percent in the last two years and the Internet Performance Management company expects to surpass $100 million in annual recurring revenue later this year.

Pamplona’s investment in Dyn represents its inaugural investment for a new $1 billion U.S.-based Growth Equity fund focused on technology, media and telecommunications investments. As part of Pamplona’s investment, Justin Perreault, a partner, has joined Dyn’s board of directors.

“Dyn has built a strong franchise based on running the fundamental and critical Internet infrastructure needs for its brand name customers,” says Perreault. “With a track record of substantial growth, a burgeoning IPM market opportunity and a strong results-orientated management team, Dyn provides a unique and exciting investment opportunity for Pamplona as we grow our U.S. investment presence.”