New Relic

Last updated

New Relic, Inc.
Company type Private company
NYSE: NEWR (2014-23)
Industry Application performance management
Founded2008;16 years ago (2008)
Founder Lew Cirne
Headquarters
San Francisco, California
,
U.S.
Key people
ProductsNew Relic APM, New Relic Mobile, New Relic Browser, New Relic Synthetics, New Relic Servers, New Relic Insights
Revenue$785.5 million (March 2022) [2]
Owner
Number of employees
2,217 (March 2022) [2]
Website newrelic.com

New Relic is a US-based web tracking and analytics company. The company's cloud-based software allows websites and mobile apps to track user interactions and service operators' software and hardware performance.

Contents

In November 2023, it was announced that Francisco Partners and TPG Inc. had completed the acquisition of New Relic for approximately $6.5 billion. [3]

History

Foundation and early years

Lew Cirne founded New Relic in 2008 and became the company's CEO. [4] The name "New Relic" is an anagram of founder Lew Cirne's name. [5]

On November 5, 2012, CA Technologies filed a lawsuit claiming that New Relic violated three patents that came into CA Technologies' possession through the acquisition of Wily Technology (a company also founded by Lew Cirne). [6]

In February 2013, New Relic raised $80 million from investors including Insight Venture Partners, T. Rowe Price, Benchmark Capital, Allen & Company, Trinity Ventures, Passport Capital, Dragoneer, and Tenaya Capital at a valuation of $750 million. [7] [8] The funding round helped New Relic extend its software analytics platform to include Android and iOS native mobile apps. [9] [7] In October 2013, the company announced that it was converting its software analytics product into a SaaS model, code named Rubicon. [10]

In April 2014, New Relic raised another $100 million in funding led by BlackRock, Inc., and Passport Capital, with participation from T. Rowe Price Associates, Inc. and Wellington Management. [11] The company went public on December 12, 2014. [12]

2020 to present

In January 2020, the company announced that Bill Staples was joining the company as Chief Product Officer on February 14, 2020. According to the announcement, he was to lead the product management, engineering and design functions, as well as drive the company's platform strategy. [13] In March, the company inked a 10-year deal to move its Atlanta team out of co-working space into the 20th floor of a 28-story office tower off 12th Street in Midtown. [14] In June, the company combined two teams in its Portland engineering office and reportedly laid off less than 20 employees with overlapping positions. [15] Also in June, amid internal disagreements about how the company should respond to systemic racism in society, former CEO Lew Cirne sent a memo stating that Black Lives Matter discussions were "off-the-table". [16] In July, New Relic announced it was replacing all of its legacy products with a full stack platform, priced by user rather than by server, with the goal of simplifying things for its customers. [17] The new platform was called New Relic One. [18] In October, the Oregonian reported unhappiness within the company's employees, stemming from ongoing concerns about the company's response to the ongoing racial justice movement, and also due to controversial donations made by Cirne to an anti-gay Christian school and an anti-Jewish evangelist. [19] In December, the company acquired Pixie Labs, a service for monitoring cloud-native workloads running on Kubernetes clusters. [20]

In April 2021, New Relic reportedly laid off nearly 160 employees, as part of a restructuring plan to move away from its software subscription sales model to a consumption based model. [21] [22] In May, Bill Staples was promoted to CEO, and Cirne transitioned to executive chairman. [4] In October, the company acquired CodeStream, a developer collaboration tool. [23]

In February 2022, the company released infrastructure monitoring software to help DevOps, site reliability engineering (SRE) and ITOps teams monitor issues across public, private and hybrid cloud environments. [18] In May, the company launched a vulnerability management tool for security, DevOps, security operations (SecOps) and SRE teams. [24]

In June 2023, following a $55 million operational loss in the preceding fiscal year, New Relic laid off 155 employees in the US and up to 57 abroad. [25] In July 2023, the company agreed to be acquired by private equity firms Francisco Partners and TPG Inc. in an all-cash deal valued at $6.5 billion. [26] The acquisition was finalized in November and New Relic was delisted from the New York Stock Exchange. In December, the company listed half of its San Francisco headquarters space, as available for sub-leasing. [27]

In December 2023, the company announced former Proofpoint, Inc. CEO Ashan Willy as its new CEO. [1]

Products

New Relic's technology, delivered in a software as a service (SaaS) model, monitors Web and mobile applications in real-time [28] [29] [9] [30] with support for custom-built plugins to collect arbitrary data. [31]

Operations

New Relic is headquartered in San Francisco. Its CEO as of January 2024 is Ashan Willy. [1]

The company partners with companies including IBM Bluemix, Amazon Web Services, CloudBees, Engine Yard, Heroku, Joyent, Rackspace Hosting, and Microsoft Azure as well as mobile application backend service providers Appcelerator, Parse, and StackMob. [30] [32] [33] [34]

In 2012 and 2013, the San Francisco Business Times profiled New Relic as best place to work in the Bay Area. [35] [36]

Related Research Articles

<span class="mw-page-title-main">Silicon Forest</span> Nickname for the cluster of high-tech companies near Portland, USA

Silicon Forest is a nickname for the Washington County cluster of high-tech companies located in the Portland metropolitan area in the U.S. state of Oregon, and most frequently refers to the industrial corridor between Beaverton and Hillsboro in northwest Oregon.

<span class="mw-page-title-main">Salesforce</span> American software company

Salesforce, Inc. is an American cloud-based software company headquartered in San Francisco, California. It provides customer relationship management (CRM) software and applications focused on sales, customer service, marketing automation, e-commerce, analytics, and application development.

CA Wily Technology, formerly Wily Technology, Inc., is a software company based in California. Founded in 1998, it was purchased by CA, Inc. in March 2006, and CA Wily Technology is now a division of CA's Service Assurance business unit.

<span class="mw-page-title-main">Splunk</span> American technology company

Splunk Inc. is an American software company based in San Francisco, California, that produces software for searching, monitoring, and analyzing machine-generated data via a web-style interface.

Dropbox is a file hosting service operated by the American company Dropbox, Inc., headquartered in San Francisco, California, U.S. that offers cloud storage, file synchronization, personal cloud, and client software. Dropbox was founded in 2007 by MIT students Drew Houston and Arash Ferdowsi as a startup company, with initial funding from seed accelerator Y Combinator.

<span class="mw-page-title-main">Jive Software</span>

Jive Software, an Aurea Software company, is a provider of communication and collaboration software for business.

<span class="mw-page-title-main">Atlassian</span> Australian enterprise software company

Atlassian Corporation is an Australian-American software company that develops products for software developers, and project managers among other groups. The company is domiciled in Delaware, with global headquarters in Sydney, Australia, and US headquarters in San Francisco.

Lew Cirne is a Canadian-American Silicon Valley-based technologist and entrepreneur who promotes software analytics technology. He was the founder and CEO of Wily Technology, which was acquired by CA, Inc. in March 2006. Cirne founded the company New Relic in 2008. "New Relic" is an anagram of Lew Cirne's name.

Twilio is an American company based in San Francisco, California, which provides programmable communication tools for making and receiving phone calls, sending and receiving text messages, and performing other communication functions using its web service APIs.

Cvent Holding Corp. is a software-as-a-service (SaaS) company based in Tysons Corner, Virginia, that specializes in meetings, events, and hospitality management technology by offering web-based software for in-person, virtual, and hybrid events, including online event registration, venue selection, event marketing and management, virtual and onsite, and attendee engagement. Cvent also offers software for hotels and venues to manage group and corporate travel business, and attract group business through its sourcing platforms. Previously public, Cvent was taken private by investment firm Blackstone Inc. for $4.6 billion in June 2023.

<span class="mw-page-title-main">Airship (company)</span>

Airship is a US-based company that offers marketing and branding services to its clients. Its services enable businesses to create personalized messages that can be delivered to customers through various channels, such as push notifications and SMS messaging. In addition to messaging services, Airship provides its clients with customer analytics services to help them better understand their customers' behavior and preferences.

<span class="mw-page-title-main">Act-On</span> American software company

Act-On Software is a software-as-a-service product for marketing automation. The company is headquartered in Portland, Oregon and was founded in 2008, originally retailing its software exclusively through Cisco, which provided $2 million in funding.

<span class="mw-page-title-main">Portland Incubator Experiment</span> Business incubator in Portland, Oregon, U.S.

The Portland Incubator Experiment, often abbreviated as PIE or PIE PDX or stylized as Pie, is a business incubator based in Portland, Oregon that provides mentorship and resources to select startup companies. Co-founded by Renny Gleeson and Rick Turoczy, PIE is run by the Portland-based advertising agency Wieden+Kennedy (W+K). The program was informally launched in 2009 before converting to a formal structure in 2011. PIE participants are chosen by a selection committee, following an application process. Startups receive seed money and spend three months developing their businesses with support from W+K and participating mentors. Companies that have provided financial assistance and mentorship include The Coca-Cola Company, Google, Intel, Nike, Inc. and Target Corporation.

<span class="mw-page-title-main">Appcelerator</span> Privately-held mobile technology company

Appcelerator is a privately held mobile technology company based in San Jose, California. Its main products are Titanium, an open-source software development kit for cross-platform mobile development, and the Appcelerator Platform.

<span class="mw-page-title-main">Optimizely</span> American software company

Optimizely is an American company that provides digital experience platform software as a service. Optimizely provides A/B testing and multivariate testing tools, website personalization, and feature toggle capabilities, as well as web content management and digital commerce.

<span class="mw-page-title-main">Oregon Venture Fund</span> Venture capital fund

Oregon Venture Fund makes venture investments in the Portland, Oregon area and throughout Oregon and SW Washington. The fund consists of 180 institutional and angel investors, of whom 85% have run or founded a business. The fund evaluates up to 300 business plans per year, selecting five to seven to invest in annually. In 2018, the fund changed its name from Oregon Angel Fund to Oregon Venture Fund and launched a new $30M fund. Since its inception, Oregon Venture Fund has generated an average annual rate of return of 34% and a return on investment exceeding $3.50 for each dollar invested.

Airtable is a cloud collaboration service headquartered in San Francisco. It was founded in 2012 by Howie Liu, Andrew Ofstad, and Emmett Nicholas.

PagerDuty is an American cloud computing company specializing in a SaaS incident response platform for IT departments.

<span class="mw-page-title-main">Freestyle Capital</span> Venture capital firm

Freestyle Capital is an early-stage venture capital firm based in San Francisco, California. General Partners Dave Samuel and Jenny Lefcourt are both entrepreneurs who entered venture capital after founding multiple companies. The firm was founded in 2009 and typically invests in 10-12 companies per year with an average investment between $1.5 million to $3 million. Previous investments include Intercom, Patreon, Narvar, Digit, Betterup, Airtable and Snapdocs.

References

  1. 1 2 3 Alspach, Kyle (December 4, 2023). "New Relic Hires Former Proofpoint Chief Exec As New CEO". CRN. Retrieved January 8, 2024.
  2. 1 2 "Form 10-K New Relic, Inc". U.S. Securities and Exchange Commission website. Retrieved February 6, 2023.
  3. ↑ Anirban Sen; Milana Vinn (August 3, 2023). "Focus: How two private equity firms negotiated New Relic deal down to $6.5 billion". Reuters. Retrieved February 2, 2024.
  4. 1 2 "New Relic to Promote Cloud Industry Veteran Bill Staples to CEO". Silicon Angle. May 13, 2021. Retrieved May 4, 2022.
  5. ↑ Balise, Julie (August 26, 2015). "Stories behind Bay Area tech company names". SFGate. Retrieved August 26, 2015.
  6. ↑ Morgan, Timothy. "CA Technologies sues New Relic over APM patents". The Register. Retrieved November 13, 2012.
  7. 1 2 Levy, Ari (February 5, 2013). "New Relic Reels in $80 Million to Expand Into Mobile". Bloomberg. Retrieved August 9, 2013.
  8. ↑ Taulli, Tom (February 5, 2013). "New Relic Nabs $80M To Upend the Software Biz". Forbes. Retrieved August 9, 2013.
  9. 1 2 Kattau, Suzanne (March 14, 2013). "New Relic extends app-performance software to mobile". SD Times. Retrieved August 9, 2013.
  10. ↑ "App Performance Monitoring Vendor New Relic Branching Out Into Big Data". CRN. October 24, 2013. Retrieved April 14, 2022.
  11. ↑ Rao, Leena (April 28, 2014). "Cloud App Monitoring Company New Relic Raises $100M". TechCrunch. Retrieved June 13, 2014.
  12. ↑ "New Relic IPO raises $115M, stock jumps 48% in debut". Silicon Valley Business Journal. December 10, 2014. Retrieved April 14, 2022.
  13. ↑ "Bill Staples to Join New Relic as Chief Product Officer". Bloomberg.com. January 16, 2020. Archived from the original on July 31, 2023. Retrieved February 28, 2020.
  14. ↑ "Cloud Software Company Sets Up East Coast Shop At 1100 Peachtree". Bisnow. Retrieved March 11, 2020.
  15. ↑ "New Relic lays off staff as it combines engineering teams". Portland Business Journal. Retrieved May 4, 2022.
  16. ↑ Rogoway, Mike (July 3, 2020). "New Relic CEO scolds employees in internal memo: 'We are a company with an urgent need to get back on track'" . The Oregonian. Retrieved May 4, 2022.(subscription required)
  17. ↑ "New Relic reinvents its products to bring observability to the mainstream". diginomica. July 30, 2020. Retrieved August 3, 2020.
  18. 1 2 "New Relic launches its new infrastructure monitoring experience". TechCrunch. February 16, 2022. Retrieved August 15, 2022.
  19. ↑ Rogoway, Mike (October 11, 2020). "New Relic employees report unrest over work culture, CEO's donations". oregonlive.com. The Oregonian. Retrieved May 4, 2022.
  20. ↑ "New Relic acquires Kubernetes observability platform Pixie Labs". TechCrunch. December 10, 2020. Retrieved August 19, 2022.
  21. ↑ Rogoway, Mike (May 14, 2021). "New Relic will lay off up to 160 in restructuring". Oregon Live. Retrieved May 4, 2022.
  22. ↑ "New Relic's business remodel will leave new CEO with work to do". TechCrunch. May 14, 2021. Retrieved May 4, 2022.
  23. ↑ "New Relic acquires CodeStream to provide chat in developer environments, inks Microsoft IDE partnership". TechCrunch. October 21, 2021. Retrieved August 19, 2022.
  24. ↑ "New Relic releases new vulnerability management solution". VentureBeat. May 18, 2022. Retrieved August 19, 2022.
  25. ↑ "S.F. Tech layoffs: Uber, Robinhood and two other companies cut hundreds of jobs". June 27, 2023.
  26. ↑ Rogoway, Mike (July 31, 2023). "New Relic, a major Portland tech employer, sells to private equity for $6.5 billion". The Oregonian.
  27. ↑ Waxmann, Laura (December 12, 2023). "Exclusive: S.F. software firm makes big reduction in its downtown headquarters". San Francisco Chronicle. Retrieved December 12, 2023.
  28. ↑ Shinal, John (June 3, 2013). "New Relic headed for an IPO". MarketWatch. Retrieved August 9, 2013.
  29. ↑ Babcock, Charles (February 5, 2013). "New Relic Garners $80 Million To Expand APM". InformationWeek. Retrieved August 9, 2013.
  30. 1 2 Clarke, Gavin (February 23, 2011). "New Relic climbs Amazon's Elastic Beanstalk". The Register. Retrieved August 9, 2013.
  31. ↑ O'Dell, Jolie (June 19, 2013). "New Relic now lets you make plug-ins for any kind of data you've got". VentureBeat. Retrieved August 9, 2013.
  32. ↑ Deutscher, Maria (July 19, 2013). "New Relic Supports OpenStack via Rackspace Partnership". SiliconANGLE. Retrieved August 9, 2013.
  33. ↑ "Pivotal Contributes Open Source Plugins for New Relic's Pluggable Monitoring and Management Platform: RabbitMQ and Web Server". McCloud. June 19, 2013. Archived from the original on October 29, 2013. Retrieved August 9, 2013.
  34. ↑ Humble, Charles (September 13, 2011). "New Relic Offers Real-time Performance Monitoring for Heroku Java users". InfoQ. Retrieved August 9, 2013.
  35. ↑ Hughes, Jeff (April 20, 2012). "Enjoying work is focus, not gimmicks or fancy perks". San Francisco Business Times. Retrieved August 10, 2013.
  36. ↑ "Best Places to Work Rankings 2013 — Intuit, Workday, XL Construction". San Francisco Business Times. June 5, 2013. Retrieved August 10, 2013.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.