Apigee Closes $60 Million in Funding to Meet Accelerating Demand for Digital Business Technologies
API leader expanding in all areas; delivering new predictive big data analytics
SAN JOSE, Calif. – April 29, 2014 – Apigee, developer of the leading platform for digital acceleration, today announced the completion of a $60 million round of financing. Pine River Capital Management and Wellington Management Company participated as new investors in this round, along with current Apigee investors Norwest Venture Partners (NVP), Bay Partners, Third Point LLC, SAP Ventures, funds managed by BlackRock, Focus Ventures, and Accenture. With this financing, Apigee has raised $171 million to date. Apigee will use the funds to accelerate across all areas of its business to keep up with demand for APIs and big data analytics, as enterprises increasingly embrace these technologies for digital business.
“We’ve had a phenomenal year, and our momentum is accelerating as companies digitally transform to delight customers and grow with unprecedented speed and scale,” said Chet Kapoor, Apigee CEO. “Our investors now include three crossover firms and two of the largest public investors in Software-as-a-Service (SaaS), a strong validation of our technology, opportunity and business model.”
“Apigee continues to build on its API leadership to drive digital business transformation,” commented Robert Schwartz, managing partner, Third Point Ventures. “Today, every enterprise is racing to leverage data to fundamentally improve the value they bring to customers. This is the sort of transformation that Third Point seeks for investment. Apigee has the API infrastructure to deliver digital services and the analytics to make each interaction valuable and relevant. In our view, Apigee is uniquely positioned for digital business enablement, and it has the team, timing and momentum to capture this opportunity.”
The increasing sophistication of digital technology and customer expectations for hyper-personalized and relevant information are creating new demands for business in every industry. Organizations that are embracing digital to do business at new levels of speed, scale and agility are seeing significant advantages. A study by McKinsey calculates that adapting digital innovations in terms of apps, marketing and business processes can, on average, lower costs nine percent. McKinsey also reported that they have found that on average, digital transformation can boost the bottom line by more than 50 percent over the next five years for companies that pull all transformation levers. Additionally, digital leaders are on average growing their digital sales at 2.5 times that of their sector peers.
Apigee enables businesses to adapt and accelerate for a mobile-first digital world. With the company’s market-leading Apigee Edge API platform, enterprises can quickly build end-to-end mobile and digital initiatives using APIs, apps and data. Apigee Insights delivers big data predictive analytics to make every digital interaction individualized, at scale. Used together, APIs and predictive analytics can create an adaptive cycle of continuous improvement – and the faster an enterprise goes through this cycle, the faster it can innovate, adapt and accelerate its digital business.
Built from the ground up for the requirements of modern apps and APIs, Apigee supports secure scaling of up to billions of APIs, with high availability globally. Today, many of the world’s largest and most respected organizations have selected Apigee to enable digital business, including 20 percent of the Fortune 100 and 25 percent of the world’s most admired companies.
“APIs provide the infrastructure for today's data-driven, connected world, and Apigee has established itself as a clear API technology leader. This significant infusion of funding is just another key indicator that this market has become extremely strategic to today’s leading enterprises,” said Promod Haque, senior managing partner at NVP. “APIs allow businesses to better serve their customers through digital interactions. At the same time, big data predictive analytics can make each interaction smarter. Apigee is uniquely combining these two technologies and delivering a powerful platform to help businesses understand customers in new ways and then adapt and take action to deliver real value.”
Apigee recently announced a major new version of Apigee Insights, its big data analytics platform that includes advanced, actionable predictive analytics.
Apigee provides the leading technology platform for digital acceleration. Through APIs and big data, Apigee delivers the scale, insight and agility any business needs to compete in today’s digital world. Apigee customers include global enterprises such as Walgreens, eBay, Shell, Live Nation, Kaiser Permanente and Sears. The company's headquarters are in San Jose, California. To learn more, go to apigee.com.
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(1)McKinsey & Co, “Finding your Digital Sweet Spot,” Nov. 2013
(2) Fortune 2014 list of the “World’s Most Admired Companies”: http://money.cnn.com/magazines/fortune/most-admired/2014/list/?iid=wma14...