Axeda Raises $9 Million from JMI Equity and MMV Financial
Investors accelerate company’s growth in the M2M market
Foxboro, Mass. - Axeda Corporation, the on-demand intelligent asset management company, today announced that it has closed a $5 million series B funding round with its lead investor, JMI Equity and has also secured $4 million venture debt from Toronto-based MMV Financial. The investments will fund company growth as it positions itself for new business opportunities in the burgeoning M2M (machine-to-machine) market.
“Axeda is an innovative company with very strong leadership – displaying proven performance even through the most challenging economic times,” said Brad Woloson, general partner, JMI Equity. “Our confidence in the Company is a testament to the strength of its business model, products, and people - we are excited to help fuel its next phase of growth.”
Axeda® SmartLink is a Platform-as-a-Service (PaaS) offering that allows enterprises to connect, manage, service, and track wired and wireless assets globally. A communications and hardware neutral solution, it provides system integrators, ISVs, manufacturers and developers with the foundation to quickly build and deploy smart solutions with enterprise level scalability and VeriSign certified security.
The Company has over 100 blue-chip customers including Agilent, Diebold and EMC and has developed key partnerships with major organizations such as Deloitte, Oracle, and SAP. Year-to-date, the company’s revenues have grown more than 50% over the comparable period in 2008. New customer acquisition more than doubled over the same period.
“Few companies can claim the kind of success Axeda has had over the past few years and we are excited to be a part of the next chapter,” said Ron Patterson, executive vice president, MMV Financial. “We have high confidence in Axeda’s leadership and believe the Company is well positioned to rapidly expand its customer base and further extend its leadership position in the M2M market. Axeda has strong support from its institutional investor, JMI Equity, and we are happy to extend our additional support towards the Company’s growth.”
“We are very pleased by the interest and support we have received from the investor community,” said Dale Calder, president and CEO of Axeda. “We are greatly appreciative of the partnership we have forged with JMI since 2005 and we welcome the addition of MMV. With this support, we are confident that we will continue to meet our strategic objectives and grow a highly successful business.”
Axeda Corporation is the leading Platform-as-a-Service (PaaS) company delivering high-value M2M solutions. The company’s VeriSign® Security certified platform and applications allow companies to connect, manage, service, and track wired and wireless assets anywhere – it serves over 100 of the world’s leading enterprises including Agilent, Diebold, and EMC. Axeda Corporation is a privately held company headquartered in Foxboro, Mass. and can be reached at www.axeda.com.
About JMI Equity
JMI Equity is a private equity firm focused on investing in growing software, internet, healthcare IT and business services companies at all stages of their lifecycles. Founded in 1992, JMI has invested in more than 90 leading businesses in its target markets and has approximately $1.3 billion of committed capital under management. JMI provides capital for growth, recapitalizations, acquisitions and buyouts. Representative investments include Appriss, Blackbaud, DoubleClick, Eloqua, Kronos and Unica. For more information on JMI, visit www.jmiequity.com.
About MMV Financial:
MMV Financial is a Toronto-based specialty finance company providing creative debt solutions directly to technology and life sciences companies across North America. MMV is backed by top U.S. and Canadian private equity firms and financial institutions including CCP Equity Partners, Caisse de dépôt et placement du Québec, Fonds de Solidarité des Travailleurs du Québec, HSBC Bank Canada, NewStar Financial Inc., ROI Capital, and Wells Fargo Company. For more information please visit: http://www.mmvf.com.
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