Apigee Closes $35 Million in Funding to Meet Demand as Businesses Transform for the Digital World Built on Apps, Data and APIs
Financing will be used to grow Apigee's global sales, marketing and product portfolio
Apigee today announced the completion of a $35 million round of financing led by a new investment from a fund under management by a subsidiary of BlackRock, Inc (NYSE: BLK). Global consulting, technology and outsourcing company Accenture (NYSE: ACN) also participated as a new investor in this round, along with current Apigee investors Bay Partners, Focus Ventures, Norwest Venture Partners (NVP), SAP Ventures and Third Point Ventures. Apigee will use the financing to grow global sales and marketing and accelerate expansion of the Apigee platform as organizations of all sizes transform for the new mobile economy built on apps, data and APIs.
"Mobile changes everything, and every business must have a comprehensive digital strategy that includes reaching customers and expanding through mobile apps," said Chet Kapoor, Apigee CEO. "Apigee helps companies of all sizes deliver and manage the core elements of a connected mobile world: apps, data and APIs. We are in a market sweet spot, and this additional funding will help us quickly expand our product portfolio and international sales and marketing."
"Digital businesses are powered by APIs and Apigee’s platform helps companies turn their digital assets into an engine for ongoing innovation and growth," said Jin Lee, senior managing director, Accenture Mobility. "We are teaming with a market leader like Apigee because the application economy is creating unprecedented new opportunities in mobility and cloud, and our clients in every industry are aggressively deploying digital strategies to fuel their revenue growth and expand market share."
Apigee's flagship offering is Apigee Enterprise, a complete platform for creating, managing and measuring digital initiatives built on apps, data and APIs. The company's product portfolio has expanded in the past year to address an evolving market, where digital assets and mobile initiatives are becoming increasingly integrated and business critical. Apigee now also offers Apigee Insights, a powerful big data analytics platform that helps organizations gain new business insights in the app economy; and the Apigee API Exchange, an API interoperability platform that powers app ecosystems across any industry. With a significant and growing presence worldwide, 20 percent of the Fortune 100 and over 10 percent of the Global 100 are now Apigee customers.
"Apigee helps even the largest organizations evolve their businesses to act more like agile Web companies," commented Promod Haque, senior managing partner of NVP. "The company has impressive momentum, and we are confident that Apigee will continue its trajectory as our world becomes increasingly driven by data-rich apps as part of the 'Internet of things.'"
Apigee enables enterprises and developers to succeed in a dynamic, connected mobile world. The company's offerings – Apigee Enterprise, Apigee Insights and Apigee API Exchange – help businesses quickly build high-performing, end-to-end mobile platforms with apps, data and APIs. Apigee customers include global enterprises such as Walgreens, eBay, Shell, Live Nation, Bechtel, Marks & Spencer and Vodafone. The company's headquarters are in Palo Alto, California. To learn more, go to www.apigee.com.