Corporate Social Responsibility | Business Wire | PR NewsWire | Marketwire | Realwire | ACN/JCN newswire | 247pressrelease | PRWeb

Apprenda Closes $5 Million Investment Led by New Enterprise Associates

Posted : Mon, 09 Nov 2009 12:58:28 GMT
Author : Apprenda
Category : Press Release
News Alerts by Email ( click here )
News | Home



ALBANY, N.Y., Nov. 9 /PRNewswire/ -- Apprenda, the creator of SaaSGrid, the world's first SaaS application server, announced today that the company has closed a $5 million investment round led by New Enterprise Associates (NEA), a leading global venture capital firm with a 30-year track record of successful investing in companies including Salesforce.com, WebEx, Juniper Networks and XenSource. Existing investor High Peaks Venture Partners also participated in the round of funding.

With SaaSGrid, Apprenda has changed the way that software is built and delivered, providing a solution to the architecture and management complexities of delivering software across distributed web scale environments. Cloud computing is driving software companies toward on-demand delivery models and enterprises toward aggregating internal and external compute resources into cohesive delivery networks for their internal software. SaaSGrid, a distributed application execution layer, mitigates the traditional burdens associated with tackling these trends. As a result, SaaS companies and enterprises alike can dramatically reduce time to market and service delivery costs.

"In the current economic climate, far fewer venture investments are being made, so we view this funding as a strong vote of confidence in our product, technology and team," said Sinclair Schuller, CEO and co-founder of Apprenda. "Our investors recognize that SaaSGrid's technology will play a key role in the transformation of software architecture and delivery. We're already seeing our SaaSGrid customers achieving 30-60 percent reductions in software development and deployment costs, and taking their on-demand solutions to market at a much faster rate."

With this new investment, Peter Sonsini, Partner at NEA, and Tom Grossi, Principal at NEA, will join Apprenda's board of directors. Current board members include: Sinclair Schuller, CEO of Apprenda, Jonathan Stillman, of High Peaks Venture Partners and Michael Seckler, co-Founder of Employease (acquired by ADP).

"As an investor in some of the world's most successful SaaS and infrastructure software companies, NEA has witnessed first-hand the challenges of deploying applications at massive scale," said Tom Grossi, Principal at NEA. "We believe SaaSGrid addresses a tremendous need in the market, enabling the efficient deployment of SaaS offerings and private software delivery clouds."

About Apprenda
Apprenda is the creator of SaaSGrid, a powerful SaaS Application Server that eliminates the difficulties of building and delivering Software as a Service. SaaSGrid greatly reduces the barrier to entry for SaaS by overcoming significant technical hurdles like multi-tenancy and grid scalability, while at the same time providing "out of the box" application services like metering and monetization, billing and subscriber management, and much more. This leaves developers with one job: to build on-demand software that meets customers' needs without worrying about the difficulties of on-demand software architecture.

For more information visit Apprenda's website at: http://www.apprenda.com.

About NEA
New Enterprise Associates, Inc. (NEA) is a leading venture capital and growth equity firm focused on helping entrepreneurs create and build major new enterprises that use technology to improve the way we live, work and play. Since its founding in 1978, the firm has followed the same core principles: supporting its entrepreneurs, providing an excellent return to its limited partners, and practicing its profession with the highest standards and respect. Through its affiliated funds, NEA focuses on investments at all stages of a company's development, from seed stage through IPO. With approximately $11 billion in committed capital, NEA's experienced management team has invested in over 650 companies, of which more than 165 have gone public and more than 255 have been acquired.

For additional information, visit www.nea.com.

SOURCE Apprenda


Copyright © 2008 PR Newswire. All rights reserved.

Share/Save/Bookmark

Article : Apprenda Closes $5 Million Investment Led by New Enterprise Associates
Print this article
Share this article

Stay Updated

News gadget on your Google homepage
Subscribe to a news feed in Google Reader



Related News

Algorithmics strengthens its Solvency II solution for insurance companies with new Curve Fitting capability
Algorithmics, the leading provider of risk solutions, today announced that it has added Curve Fitting to further strengthen its Solvency II solution to meet the needs of insurance companies. Curt Burmeister, Vice President of Risk Solutions at Algorithmics, said: “Leading up to the go l...

Endsleigh Car Insurance Reveals Reasons to Attend the NEC Classic Motor Show
There are a host of motor shows in the UK each year, but nothing quite like the NEC Classic, where the organizers aim to “bring people who share a passion for cars”./I/P P(PRWeb UK) November 23, 2009 -- So why is this motor show different from any of the others? Endsleigh a...

UD Officially Acquires Chrysler Property in Newark
Delaware is a small state, so you might not know that, in less than a year, Delaware lost both its General Motors and Chrysler assembly plants. In less than two months, both plants announced new owners and new futures - one making hybrid electric vehicles for Fisker Automotive, the other part...

SJW Corp. Announces Approval by the California Public Utilities Commission of Increase in Rates for San Jose Water Company
SAN JOSE, Calif. - SJW Corp. (NYSE:SJW) today reported that on November 20, 2009, the California Public Utilities Commission issued its decision in the 2009 general rate case for San Jose Water Company, SJW Corp.’s wholly owned subsidiary, establishing rates for 2010, 2011 and 2012. In

Women's Hair Loss Treatment Results Captured on Video to Inspire Others
After suffering from women's hair loss for almost ten years, Zsanett Siklosi's hair is growing back and she's sharing her progress and the secret behind her success with thousands of other women through the release of her video diaries which include a direct comparison of her hair before and ...

The Community Against Preventable Injuries: Avoid Unintentional Poisoning
VANCOUVER, BRITISH COLUMBIA -- 11/23/09 -- Poisonings are the third leading cause of preventable injury death in British Columbia. Many of these incidents, whether it's incorrectly mixing medications or ingesting poisonous substances, are unintenti..

Fitch Affirms Brentwood, Missouri's TIF Revs (Brentwood Promenade Project) at 'A-'; Outlook Stable
CHICAGO - During the course of routine surveillance, Fitch Ratings affirms the rating on the City of Brentwood, Missouri's approximately $3.955 million outstanding tax increment revenue refunding (TIF) bonds (Brentwood Promenade Project), series 2002 at 'A-'. The Rating Outlook is Stable.

Have your Say
Name
Email
Subject
Your Comment

Enter Verification code
 
  

 
Follow The Earth Times
Subscribe to RSS Follow Earth Times on TwitterNews by email
Share/Save/Bookmark
 
 



 
Subscribe to free Earthtimes
News Alerts by Email Click here
For RSS Feeds Click here
or Create your own RSS

Add to Google Toolbar
Breaking News
Press Releases

 


The Earth Times
News Category

© 2009 www.earthtimes.org, The Earth Times, All Rights Reserved | Privacy Policy
Earth Times accept no responsibility or liability either directly or indirectly for views or opinions expressed in articles or comments.