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July Systems Secures $15 Million in FundingInvestment Led by Updata Partners Will Accelerate Product Innovation and Global Expansion (February 16, 2012)
LOS ANGELES, CA -- (Marketwire) -- 02/16/12 -- July Systems, the leading cloud-based mobile application platform provider, today announced that it has closed a $15 million growth equity investment led by Updata Partners with participation from Intel Capital and WestBridge Capital. The latest round of funding will provide capital to accelerate the product roadmap, boost sales momentum and increase market reach.
"Our investment in July Systems represents our belief in the platform, the management team, and the mobile market," said Carter Griffin of Updata Partners, a leading technology-focused growth equity firm. "July Systems has a seasoned and highly experienced team, a market-leading product, and a top-tier, global customer base. We look forward to building upon the success they have already achieved as a leader in mobile technology."
Growth in the mobile market continues to be explosive, and has become a core portion of the broader IT sector. To address this market, July Systems provides an all-in-one platform that provides a robust set of modules and tools that a wide range of stakeholders within a business can use -- ranging from technical business users, marketers, and creative teams to developer organizations to build, manage and update live mobile services in real-time. July Systems technology is used by some of the world's best-known brands, including ESPN, Toys R Us, Intel, Unilever, CBS, and the NBA, to run world-class mobile applications across the full spectrum of mobile devices and platforms.
Over the past year the company has been executing on its growth strategy, increasing the scope of its offerings and generating strong results. In 2011, the company reported an increase in revenue run rate of more than 60 percent across U.S. and international geographies, including the UK, Middle East and Asia. Toys R Us, NBC Universal, Gannett Publishing and Just Dial are among the new customers that recently joined July Systems.
"The pace of change in the mobile market place means that to continue to be a leader in this space, we need to grow and innovate in a number of dimensions simultaneously -- making our platform easier to build and manage cross-platform mobile applications for customers, employees and our ecosystems of partners will be a key focus area for us. In addition, we will use the funds to increase market awareness at a global level," said Rajesh T.S. Reddy, chief executive officer of July Systems. "We believe Updata Partners has the experience, talent, network, and operating expertise to help July Systems capitalize on the enormous mobile market opportunity."
About Updata Partners
Updata Partners is a leading technology-focused growth equity firm with nearly $500 million of capital under management. Updata invests in high-growth software, internet, and technology-enabled services companies with innovative intellectual property and market-leading solutions. Led by an investment team averaging more than 20 years of experience in the technology industry, Updata seeks investments where the combination of the firm's financial backing and the operating expertise of their partners will accelerate growth.
About Intel Capital
Intel Capital, Intel's global investment and M&A organization, makes equity investments in innovative technology start-ups and companies worldwide. Intel Capital invests in a broad range of companies offering hardware, software, and services targeting enterprise, mobility, health, consumer Internet, digital media, semiconductor manufacturing and cleantech. Since 1991, Intel Capital has invested more than US$10.4 billion in over 1,212 companies in 51 countries. In that timeframe, 194 portfolio companies have gone public on various exchanges around the world and 289 were acquired or participated in a merger. In 2011, Intel Capital invested US$526 million in 158 investments with approximately 51 percent of funds invested outside the U.S. and Canada. For more information on Intel Capital and its differentiated advantages, visit www.intelcapital.com.
About WestBridge Capital
WestBridge Capital focuses on partnering for the long-term with market leading companies run by impressive entrepreneurs and management teams. WestBridge Capital leverages both their capital and experience to help their companies succeed. WestBridge Capital currently manages over $800 million across multiple funds. The typical equity investment through their funds range from $10 million to $50 million, resulting in a substantial minority equity ownership. For more information on WestBridge, visit www.westbridgecap.com
About July Systems
July Systems is a leading mobile application platform provider to businesses worldwide. Mi Platform, a cloud-based mobile platform, allows companies to build, manage, market and monetize rich mobile applications quickly and effectively. Over 100 of the world's largest brands use Mi Platform to deliver billions of transactions to over 100 million users globally. July Systems has offices in New York, Los Angeles, and Bangalore. For more information visit us at http://www.julysystems.com.
Mi Platform is a registered trademark of July Systems in the United States and other countries.
*All third-party trademarks are the property of their respective owners.
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