With $50 million in new funding, Dyn projects hundreds of new jobs
MANCHESTER — Dyn, a thriving Millyard technology company, expects to add hundreds of jobs in New Hampshire over the next five years after it received $50 million in funding.
“It’ll mean a lot more job creation,” Kyle York, Dyn’s chief strategy officer, said at Dyn headquarters on Tuesday.
“It means that Dyn will continue from New Hampshire to have an impact on the global internet that very few companies can here,” York said. “It’s a very small-business (oriented) state, so I think the idea that you can build a small business that starts as a startup company that has hyper growth and can employ this many people here is real powerful.”
Dyn announced that it has secured $50 million in funding from Pamplona Capital Management, a private equity firm with offices in New York and London.
“No one invests that amount of money if they don’t believe in a huge upside,” York said.
The Internet performance management company employs more than 400, including 350 in New Hampshire between its offices in Manchester and Hanover.
Dyn is the first of at least a dozen companies Pamplona Capital Management plans to invest in through a $1 billion fund it raised to target technology, media and telecommunications companies.
Justin Perreault, who joined Pamplona in December, will manage the fund from Boston, the company said in a release.
Dyn said its revenues grew by more than 70 percent in the last two years; it expects to surpass $100 million in annual recurring revenue later this year. The investment and revenue milestones “signify we’re here to stay, and they signify that there’s a huge opportunity ahead,” York said.
The latest $50 million brings the company’s total fundraising to $100 million after an infusion of capital in 2012 and 2013.
Matthew Cookson, executive director of the New Hampshire High-Tech Council, said the Dyn news will help the region.
“This is a significant investment, one that while directly helping Dyn, will also help our entire New Hampshire ecosystem,” Cookson said. “We know of Dyn’s strong commitment to the state and to growing and supporting new companies. They are one of a growing number of companies that is putting New Hampshire on the map for hot tech states.”
Dyn counts Netflix, Twitter, Visa and Pfizer as clients.
“Every day, you’re using Dyn and you don’t even know it because you’re going through our network to make sure those websites are fast and available,” York said.
The money will help the company ramp up sales and marketing as well as accelerate product development.
The company also announced the public launch of its software to help solve challenges regarding operating critical business applications and infrastructure in the cloud.
“Any business is leveraging the internet to create a brand, to drive revenue, to communicate with customers, to talk with shareholders,” York said. “Anybody who has websites or applications on the internet, our tools can help to optimize them for business performance.”
The company operates offices in England and Singapore, and has built a field operation with employees working remotely in several U.S. cities, including Chicago, Dallas, San Francisco and Seattle.
Dyn has publicly campaigned for commuter rail to be extended to Manchester from Massachusetts to help attract more qualified workers.
“We end up recruiting over borders,” York said.