InovaWave appoints new CEO and raises $7.2 million in new funding

Posted by Staff   |   Tuesday, July 17th, 2007   |  

Quoting from InovaWave official announcement for funding:

InovaWave, the leading provider of virtualization performance and efficiency management software, today announced that it has closed its series B round of funding for $7.2 million. Matrix Partners led the financing, while Silverton Partners, which led InovaWave’s first round, also participated. InovaWave will use the investment to expand sales, marketing, research and development for its DXtreme product line…

Quoting from InovaWave official announcement for new President and CEO:

InovaWave, the leading provider of virtualization performance and efficiency management software, today announced that it has appointed Chris Ostertag President and Chief Executive Officer. A technology industry veteran with more than 25 years of experience in successfully delivering innovative technologies to market, Chris will lead the continued expansion of InovaWave.

Most recently, Chris served as vice president of worldwide sales and field operations for CREDANT Technologies, the market leader in mobile data protection solutions. Prior to CREDANT, Chris led Sun’s worldwide team of more than 4,500 technical sales experts. Chris joined Sun through its acquisition of Waveset Technologies, where he was senior vice president of worldwide sales. Prior to Waveset, Chris was at Tivoli Systems, Inc., where he grew sales from $3 million to more than $2 billion in less than five years. He has also held various sales management and leadership positions with Bowstreet, Parc Place Systems, Servio Logic Corporation, Oracle and Informix.

Also today, InovaWave announced that Moshe Bar has joined the Company’s board of directors. A successful serial entrepreneur, Moshe is the founder of many open-source virtualization companies including OpenMosix, XenSource and Qumranet. He also co-founded Qlusters, Inc., the company behind openQRM, the leading open-source systems management solution for software provisioning and managing virtual environments. Author of several books on Linux, file systems and open source development, as well as many academic papers, Moshe has taught at Tel Aviv University in Israel and is also a senior editor at Byte Magazine…

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