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Axeda appoints DeSisto as new CEO, announces record growth and US$12m in new funding

Axeda appoints DeSisto as new CEO, announces record growth and US$12m in new funding

Posted by Jeremy CowanAugust 20, 2013

(Foxboro, Massachusetts, USA. August 20, 2013) – Axeda Corporation, the cloud-based service and software provider for managing M2M solutions, today announced the appointment of Todd DeSisto (pictured) as president and chief executive officer. The company has also closed US$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’ experience of strategic leadership, 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.

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, recapitalisations, acquisitions and buyouts. Representative investments include DoubleClick, Eloqua, Halogen (TSX: HGN), PointClickCare, PowerPlan and ServiceNow (NYSE: NOW).

Wipro Ltd. (NYSE:WIT) is an Information Technology, Consulting and Outsourcing company. A company recognised 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.

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 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.

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