Sequoia Backs, a Solana Beach, Calif.-based provider of on-demand IT service management solutions, has secured $41 million of a $66 million VC round, according to a regulatory filing. Sequoia Capital came aboard as a new backer. The company previously raised over $5 million venture capital from JMI Equity.


Most of the round went to repurchase stock from company executives and employees (Update: TechCrunch reports that all of the proceeds were used for that purpose).