SevOne is hoping that the appointment of new CEO Jack Sweeney, formerly managing director of Bain Capital Ventures, will help sustain its upward momentum.

Sweeney has plenty of experience having helmed six different companies and helped create over US $1.3 billion in value, the company statement said. He also served as consultant to several IT companies in dataware security, networking and infrastructure software.

The premier provider of IT performance management software has registered a 75% year-over-year growth rate and captured the largest brand names in the world.

"Our vision is to remove all scalability limits to collecting and monitoring the world's performance data," Sweeney said.

SevOne co-founder Tanya Bakalov said their former CEO Michael Phelan took the company from a virtual unknown into one of the global leaders. However, the company is on the verge of becoming the "next great technology company and we believe Jack Sweeney is the right choice to lead us along that path."