Cutover scores $17M to accelerate enterprise transformation and bring enterprise change out of the dark ages
For IT professionals, it’s no news that IT Service Management is broken its effectiveness is hampered by lack of the right tools and metrics. It needs to be replaced with fit-for-purpose enterprise change management. Existing platforms provide governance and configuration databases but do not provide support for the planning, execution or review of change, resilience testing or incident response. It’s 2019, some organizations are still caught up in static-spreadsheet-driven planning madness. Enter Cutover, a platform designed to orchestrate critical enterprise IT change events, enhancing collaboration and reducing risk and cost.
Today, the London, England-based Cutover announced it has secured $17 million in Series A funding to advance its commitment to help enterprises succeed in transformation and operational excellence by more effectively orchestrating humans and technology at pace. The round was led by Index Ventures, with participation from Sussex Place Ventures, Contour Ventures, Partnership Fund for New York, and Outrun Ventures. The new investment will be also used to sharpen its client engagement, strengthen its sales organization, broaden its market reach and enhance the existing platform.
Founded in 2015 by Ky Nichol and Marcus Wildsmith, Cutover brings Enterprise Change out of dark matter and the dark ages. Cutover is the innovative new Enterprise Change Management Platform that actually allows you to plan, rehearse, orchestrate, and analyze change involving humans and technology. Cutover provides an innovative Enterprise Change Management platform that plugs an important gap. Cutover helps organisations to safely plan, rehearse and execute critical enterprise events. Cutover is now used in over 14 global financial services companies—including two of the top three U.S. banks by size—and helped several investment banks orchestrate many of 2019’s biggest tech IPOs to ensure operational readiness.
The Cutover platform fills a systemic gap in the enterprise tools market that is currently bridged with spreadsheets, emails and calls. During significant IT releases, major incident management, service resilience and crisis management, Cutover mitigates risk and brings collective accountability and transparency to complex business events, enabling the seamless orchestration of multiple teams. Cutover reduces both the risk and cost associated with critical events, such as making changes to core IT systems and service resilience testing.
“This new category of work orchestration and observability helps turn complex sets of human and machine activities into well-orchestrated, repeatable flows of activity, enabling teams to go faster while causing less customer-facing incidents,” said Ky Nichol, CEO of Cutover. “It’s hard to see what’s going on across these sets of work because they’re in the dark matter of the enterprise. Cutover fills the important gap of enabling organizations to manage these dynamic flows of work and to get structured, informative data to enable optimization.”
Cutover’s work orchestration and observability platform helped Barclays upgrade core systems, run resilience tests on data centers, migrate platforms and enact structural reforms – all while significantly reducing risk.
“Cutover is a graduate of our accelerator program and from that has become adopted across the bank,” said John Stecher, Group CTO and Chief Innovation Officer at Barclays. “Cutover helps us to go faster on change and safeguard customer-facing operations in a range of use cases, from supporting our cloud migration to enabling an effective service recovery capability.”
The company has spent four years hardening the platform on some of the most complex technology change-related client use cases: splitting up major banks to meet regulation, supporting huge corporate mergers and enabling the migration to cloud. Organizations now use Cutover for wider areas than just change. Whether it’s moving to the cloud, system validation or preparing for an IPO, Cutover helps organizations manage change, reduce risk and enable operational stability.