Axeda Names New CEO; Closes Growth Funding
Aug 23, 2013 (Close-Up Media via COMTEX) --
Axeda Corp., a cloud-based service and software for managing connected products and implementing 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 and Mitsui & Co. (U.S.A.), Inc.
According to a release, DeSisto, with more than 20 years of strategic leadership experience, 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. 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 company said 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.
Additionally, 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.
JMI Equity is a growth equity firm focused on investing in software, internet, business services and healthcare IT companies.
Wipro is an Information technology, consulting and outsourcing company.
Mitsui USA, a subsidiary of Mitsui & Co., a trading, investment and service enterprises in the world, is multilaterally pursuing business that ranges from product sales, logistics and financing, through to the development of 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.
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