Axeda appoints new boss, receives $12 million in funding

Axeda has said Todd DeSisto is to become its new chief executive and received a fresh injection of funding totaling $12 million.

The company – which develops cloud-based software and services for M2M applications – is promoting DeSisto from his current position as chief financial and operating officer.

Before joining Axeda (Foxboro, MA, USA), DeSisto worked for a variety of companies in the telecoms industry and he boasts more than 20 years of leadership experience.

Axeda has said Todd DeSisto is to become its new chief executive and received a fresh injection of funding totaling $12 million.

The company – which develops cloud-based software and services for M2M applications – is promoting DeSisto from his current position as chief financial and operating officer.

Before joining Axeda (Foxboro, MA, USA), DeSisto worked for a variety of companies in the telecoms industry and he boasts more than 20 years of leadership experience.

His appointment coincides with a fresh injection of funding led by private-equity player JMI Equity (Baltimore, MD, USA).

Axeda says that followed a record quarter of customer growth, claiming to have signed up more new customers in the first half of 2013 than in the whole of 2012.

In total, it now claims to manage nearly 1.3 million Internet of Things “assets”.

“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 enterprise customers, expanding key ecosystem partnerships, and developing international channels,” said Jit Sinha, the general partner of JMI Equity. “We are pleased to provide this additional growth capital to support the company’s continued expansion.”

Also participating in the latest round of funding is Indian software giant Wipro (Bangalore, India), which formed an M2M partnership with Axeda in February, and Mitsui (Tokyo, Japan), another business partner.

“With multiple M2M customer engagements already under way, we see merit in strengthening this partnership and investing in its successful future,” said Anurag Srivastava, the senior vice president and chief technology officer of Wipro.

Mitsui says it will work closely with Axeda on expanding business development opportunities in the Asia-Pacific region.

“Axeda has created a cloud platform with enormous growth potential, including new M2M products and strategic alliances, and we are excited to support Axeda in building new international partnerships,” said Masahiro Moriyasu, the senior vice president of Mitsui USA.