Company:New Relic

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Short description: Technology company
New Relic, Inc.
TypePrivate company
NYSE: NEWR (2014-23)
IndustryApplication performance management
Founded2008; 16 years ago (2008)
FounderLew Cirne
Headquarters
San Francisco , California
,
U.S.
Key people
  • Ashan Willy (CEO)[1]
  • Lew Cirne (executive chairman)
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
  • Francisco Partners (2023-present)
  • TPG Inc. (2023–present)
Number of employees
2,217 (March 2022)[2]
Websitenewrelic.com

New Relic is a United States -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.

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 Ashley 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]

References

  1. ↑ 1.0 1.1 1.2 Alspach, Kyle (December 4, 2023). "New Relic Hires Former Proofpoint Chief Exec As New CEO". https://www.crn.com/news/software/new-relic-hires-former-proofpoint-chief-exec-as-new-ceo. 
  2. ↑ 2.0 2.1 "Form 10-K New Relic, Inc.". https://www.sec.gov/Archives/edgar/data/1448056/000144805622000021/newr-20220331.htm. 
  3. ↑ "Francisco Partners and TPG Complete Acquisition of New Relic" (in en-US). https://newrelic.com/press-release/20231108. 
  4. ↑ 4.0 4.1 "New Relic to Promote Cloud Industry Veteran Bill Staples to CEO" (in en). Silicon Angle. May 13, 2021. https://siliconangle.com/2021/05/13/new-relic-ceo-lew-cirne-steps-replaced-industry-veteran-bill-staples/. 
  5. ↑ Balise, Julie (August 26, 2015). "Stories behind Bay Area tech company names". SFGate. http://www.sfgate.com/business/article/Stories-behind-Bay-Area-tech-company-names-6465268.php#photo-8229264. 
  6. ↑ Morgan, Timothy. "CA Technologies sues New Relic over APM patents". The Register. https://www.theregister.co.uk/2012/11/06/ca_sues_new_relic_apm_patents/. 
  7. ↑ 7.0 7.1 Levy, Ari (February 5, 2013). "New Relic Reels in $80 Million to Expand Into Mobile". Bloomberg. http://go.bloomberg.com/tech-deals/2013-02-05-new-relic-reels-in-80-million-to-expand-into-mobile/. 
  8. ↑ Taulli, Tom (February 5, 2013). "New Relic Nabs $80M To Upend the Software Biz". Forbes. https://www.forbes.com/sites/tomtaulli/2013/02/05/new-relic-nabs-80m-to-upend-the-software-biz/. 
  9. ↑ 9.0 9.1 Kattau, Suzanne (March 14, 2013). "New Relic extends app-performance software to mobile". http://sdtimes.com/NEW_RELIC_EXTENDS_APP_PERFORMANCE_SOFTWARE_TO_MOBILE/By_Suzanne_Kattau/About_NEWRELIC_and_SAAS/41521. 
  10. ↑ "App Performance Monitoring Vendor New Relic Branching Out Into Big Data". CRN. October 24, 2013. https://www.crn.com/news/applications-os/240163086/app-performance-monitoring-vendor-new-relic-branching-out-into-big-data.htm. 
  11. ↑ Rao, Leena (April 28, 2014). "Cloud App Monitoring Company New Relic Raises $100M". TechCrunch. https://techcrunch.com/2014/04/28/cloud-app-monitoring-company-new-relic-raises-100m/. 
  12. ↑ "New Relic IPO raises $115M, stock jumps 48% in debut". December 10, 2014. http://www.bizjournals.com/sanjose/news/2014/12/11/new-relic-raises-115m-after-ipo-beats-targets.html. 
  13. ↑ "Bill Staples to Join New Relic as Chief Product Officer". January 16, 2020. https://www.bloomberg.com/press-releases/2020-01-16/bill-staples-to-join-new-relic-as-chief-product-officer. 
  14. ↑ "Cloud Software Company Sets Up East Coast Shop At 1100 Peachtree" (in en). https://www.bisnow.com/atlanta/news/office/cloud-software-company-sets-up-east-coast-shop-at-1100-peachtree-103340. 
  15. ↑ "New Relic lays off staff as it combines engineering teams". https://www.bizjournals.com/portland/news/2020/06/29/layoffs-at-new-relic-as-company-combines-2-enginee.html. 
  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. https://www.oregonlive.com/silicon-forest/2020/07/new-relic-ceo-scolds-employees-in-internal-memo-we-are-a-company-with-an-urgent-need-to-get-back-on-track.html. (Subscription content?)
  17. ↑ "New Relic reinvents its products to bring observability to the mainstream" (in en). July 30, 2020. https://diginomica.com/new-relic-reinvents-observability-mainstream. 
  18. ↑ 18.0 18.1 "New Relic launches its new infrastructure monitoring experience" (in en). TechCrunch. February 16, 2022. https://techcrunch.com/2022/02/16/new-relic-launches-its-new-infrastructure-monitoring-experience/. 
  19. ↑ Rogoway, Mike (October 11, 2020). "New Relic employees report unrest over work culture, CEO's donations". The Oregonian. https://www.oregonlive.com/silicon-forest/2020/10/new-relic-employees-report-unrest-over-work-culture-ceos-donations.html. 
  20. ↑ "New Relic acquires Kubernetes observability platform Pixie Labs". December 10, 2020. https://techcrunch.com/2020/12/10/new-relic-acquires-kubernetes-observability-platform-pixie-labs/. 
  21. ↑ Rogoway, Mike (May 14, 2021). "New Relic will lay off up to 160 in restructuring". Oregon Live. https://www.oregonlive.com/silicon-forest/2021/04/new-relic-will-lay-off-up-to-160-in-restructuring.html. 
  22. ↑ "New Relic's business remodel will leave new CEO with work to do". TechCrunch. May 14, 2021. https://techcrunch.com/2021/05/14/new-relics-business-remodel-will-leave-new-ceo-with-work-to-do/. 
  23. ↑ "New Relic acquires CodeStream to provide chat in developer environments, inks Microsoft IDE partnership" (in en). TechCrunch. October 21, 2021. https://techcrunch.com/2021/10/21/newrelic-acquires-codestream-to-provide-chat-in-developer-environments-inks-microsoft-ide-partnership/. 
  24. ↑ "New Relic releases new vulnerability management solution" (in en). VentureBeat. May 18, 2022. https://venturebeat.com/security/new-relic-vulnerability-management/. 
  25. ↑ "S.F. Tech layoffs: Uber, Robinhood and two other companies cut hundreds of jobs". June 27, 2023. https://www.sfchronicle.com/sf/article/san-francisco-tech-companies-lay-off-hundreds-18173702.php. 
  26. ↑ Rogoway, Mike (July 31, 2023). "New Relic, a major Portland tech employer, sells to private equity for $6.5 billion". https://www.oregonlive.com/silicon-forest/2023/07/new-relic-a-major-portland-tech-employer-sells-to-private-equity-for-65-billion.html. 
  27. ↑ Waxmann, Laura (December 12, 2023). "Exclusive: S.F. software firm makes big reduction in its downtown headquarters" (in en). https://www.sfchronicle.com/realestate/article/s-f-software-firm-new-relic-headquarters-sublease-18549239.php. 
  28. ↑ Shinal, John (June 3, 2013). "New Relic headed for an IPO". MarketWatch. http://www.marketwatch.com/story/new-relic-headed-for-an-ipo-2013-06-03. 
  29. ↑ Babcock, Charles (February 5, 2013). "New Relic Garners $80 Million To Expand APM". InformationWeek. http://www.informationweek.com/software/application-optimization/new-relic-garners-80-million-to-expand-a/240147835. 
  30. ↑ 30.0 30.1 Clarke, Gavin (February 23, 2011). "New Relic climbs Amazon's Elastic Beanstalk". The Register. https://www.theregister.co.uk/2011/02/23/new_relic_amazon_beanstalk/. 
  31. ↑ O'Dell, Jolie (June 19, 2013). "New Relic now lets you make plug-ins for any kind of data you've got". VentureBeat. https://venturebeat.com/2013/06/19/new-relic-now-lets-you-make-plugins-for-any-kind-of-data-youve-got/#7yJFPfBwYQXlwIiJ.99. 
  32. ↑ Deutscher, Maria (July 19, 2013). "New Relic Supports OpenStack via Rackspace Partnership". SiliconANGLE. http://siliconangle.com/blog/2012/07/19/new-relic-supports-openstack-via-rackspace-partnership/. 
  33. ↑ "Pivotal Contributes Open Source Plugins for New Relic's Pluggable Monitoring and Management Platform: RabbitMQ and Web Server". McCloud. June 19, 2013. http://www.dopisbetter.com/McCloud/pivotal-contributes-open-source-plugins-for-new-relics-pluggable-monitoring-and-management-platform-rabbitmq-and-web-server/. 
  34. ↑ Humble, Charles (September 13, 2011). "New Relic Offers Real-time Performance Monitoring for Heroku Java users". InfoQ. http://www.infoq.com/news/2011/09/heroku-new-relic. 
  35. ↑ Hughes, Jeff (April 20, 2012). "Enjoying work is focus, not gimmicks or fancy perks". San Francisco Business Times. http://www.bizjournals.com/sanfrancisco/print-edition/2012/04/20/enjoying-work-is-focus-not-gimmicks.html. 
  36. ↑ "Best Places to Work Rankings 2013 — Intuit, Workday, XL Construction". San Francisco Business Times. June 5, 2013. http://www.bizjournals.com/sanfrancisco/best-places-to-work-rankings-2013--.html?s=image_gallery&img_no=36. 

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