Axeda Corporation, the leading cloud-based service and software provider for managing connected products and implementing innovative machine-to-machine (M2M) and Internet of Things solutions, today announced the appointment of Todd DeSisto as President and Chief Executive Officer and the closing of $12 million in growth funding under the leadership of JMI Equity, Axeda’s long-term supporter, as well as Wipro Ltd. And with Mitsui & Co (U) Oh, S A: A Inc., (‘Mitsu USA’)
With more than 20 years of experience in strategic leadership, Mr. DeSisto has held executive roles in finance and investor value-creating operations with private companies, including Network Intelligence, New River Inc. , Hawaii Wireless, Atlantic Cellular Company and Aloha Partners Oh, Mr. Prior to his promotion, DeSisto served as CFO and COO of Axeda.
‘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 corporate 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 continued expansion of the company. ”
Funding follows a record quarter of new customer growth, and Axeda has added more new customers in the first half of 2013 than in all of 2012. All told, almost 1 Axeda Machine Cloud manages 3 million assets in the Internet of Things.
Axeda Platinum Partner Wipro has participated in the funding ‘Axeda has established a leading 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 sector. With multiple M2M customer commitments already underway, we see merit in strengthening this partnership and investing in its successful future,” said Dr. Anurag Srivastava, Senior Vice President, Chief Technology Officer, Wipro
As a strategic business partner, Mitsui USA will work closely with Axeda to expand its geographic footprint and customer base by identifying and expanding sales and business development in Asia-Pac. ‘Axeda has created a cloud platform with tremendous 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.
On JMI Equity
JMI Equity is a growth equity firm focused on investing in leading IT software, internet, business services and healthcare companies. Founded in 1992, JMI has invested more than $2 in 110 businesses in its target markets. 1 billion committed capital under management JMI provides capital for growth, recapitalisation, acquisitions and purchases. Representative investment includes DoubleClick, Eloqua, Halogen, PointClickCare, PowerPlan and ServiceNow For more information on JMI, please visit Oh, jmi Com