Axeda Closes $12M Round Led by JMI Equity
Axeda Corporation, a cloud-based service and software for managing connected products and implementing innovative machine-to-machine (M2M) and Internet of Things solutions, announced the appointment of Todd DeSisto as President and Chief Executive Officer and the closing of $12 million in growth funding led by JMI Equity, a long-term supporter of Axeda, as well as Wipro Ltd. and Mitsui & Co. (U.S.A.), Inc.
With more than 20 years of strategic leadership experience, Mr. DeSisto has held executive roles in finance and operations creating investor value with private companies including Network Intelligence, New River Inc., Hawaiian Wireless, Atlantic Cellular Company and Aloha Partners. Mr. DeSisto served as CFO and COO of Axeda prior to his promotion.
“The commitment of Todd and the Axeda team has been unwavering, and as a result, Axeda has achieved significant momentum in signing an enviable list of enterprise customers, expanding key ecosystem partnerships, and developing international channels,” said Jit Sinha, general partner, JMI Equity. “We are pleased to provide this additional growth capital to support the company’s continued expansion.”
The funding follows a record quarter of new customer growth, and Axeda has added more new customers in the first half of 2013 than all of 2012. All told, nearly 1.3 million assets in the Internet of Things are managed by the Axeda Machine Cloud®.
Axeda Platinum Partner Wipro participated in the funding. “Axeda has established a leadership position in M2M and the Internet of Things. We are a key M2M solution partner for customers in the telecommunications, health and life sciences, manufacturing and energy & utilities space. With multiple M2M customer engagements already underway, we see merit in strengthening this partnership and investing in its successful future,” said Dr. Anurag Srivastava, senior vice president and chief technology officer, Wipro.
As a strategic business partner, Mitsui USA will work closely with Axeda to expand its geographical footprint and customer base by identifying and expanding sales and business development in Asia-Pac. “Axeda has created a cloud platform with enormous growth potential, including new M2M products and strategic alliances, and we are excited to support Axeda in building new international partnerships,” said Masahiro Moriyasu, senior vice president, Mitsui USA.
About JMI Equity
JMI Equity is a growth equity firm focused on investing in leading software, internet, business services and healthcare IT companies. Founded in 1992, JMI has invested in 110 businesses in its target markets and has over $2.1 billion of committed capital under management. JMI provides capital for growth, recapitalizations, acquisitions and buyouts. Representative investments include DoubleClick, Eloqua, Halogen, PointClickCare, PowerPlan and ServiceNow. For more information on JMI, visit www.jmi.com.
About Wipro Ltd.
Wipro Ltd. (NYSE: WIT) is a leading Information Technology, Consulting and Outsourcing company that delivers solutions to enable its clients do business better. Wipro delivers winning business outcomes through its deep industry experience and a 360 degree view of “Business through Technology” – helping clients create successful and adaptive businesses. A company recognized globally for its comprehensive portfolio of services, a practitioner’s approach to delivering innovation, and an organization wide commitment to sustainability, Wipro has a workforce of 140,000 serving clients across 57 countries. For more information, please visit www.wipro.com.
About Mitsui USA
Mitsui USA was incorporated in 1966 in New York as a wholly owned subsidiary of Mitsui & Co., Ltd., Tokyo, Japan, one of the most diversified and comprehensive trading, investment and service enterprises in the world, with 148 offices in 67 countries as of August 1, 2013. Mitsui is multilaterally pursuing business that range from product sales, worldwide logistics and financing, through to the development of major international infrastructure and other projects in the following fields: Iron & Steel Products, Mineral & Metal Resources, Infrastructure Projects, Integrated Transportation Systems, Chemicals, Energy, Food Resources, Food Products & Services, Consumer Service, and Innovation & Corporate Development. Mitsui USA aspires to meet the needs of its customers as “Your Global Business Partner®”, while committed to sustainable growth and good corporate citizenship. More information about Mitsui USA may be found at www.mitsui.com/us.
Axeda provides the most advanced cloud-based service and software for managing connected products and machines and implementing innovative M2M and Internet of Things solutions. We reduce the cost and complexity of connecting and remotely servicing the products of the world’s leading companies. Our customers use the Axeda Machine Cloud™ to turn machine data into useful information, build and run innovative M2M applications and optimize business processes by integrating machine data.
By relying on the Axeda® Platform to power their connected products, companies are transforming their business by improving customer satisfaction, reducing costs, and generating new sources of revenue. The M2M solutions behind these connected products range from remote service, fleet management, usage-based insurance, asset tracking, mHealth, and more. Join our developer community at: http://developer.axeda.com and learn more at www.axeda.com.