Opsware Inc., the company formerly known as Loudcloud, reported a 24 percent jump in second quarter revenues over the same quarter last year.
The Sunnyvale, Calif. company, which earlier this month closed the sale of its managed services business to Electronic Data Systems Corp. for $63.5 million, narrowed its net loss in the quarter to $16.7 million on total revenues of $17.5 million, compared to a net loss of $30.4 million in its first quarter, ending April 30.
Opsware, which obtained a minimum commitment from EDS to license up to $52 million worth of its Opsware automation software over the next three years, expects to reach break-even status in its business sooner than expected, according to Ben Horowitz, president and CEO in Sunnyvale.
Opsware CFO Rod Sherwood also today announced that he intends to leave the company, although he will remain an interim CFO in the transition. Sherwood cited personal reasons for leaving the company. He will certify Opswares financial statements in its forthcoming Form 10-Q.