July Systems, a cloud-based mobile application platform provider, has closed a USD15 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," says 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 organisations 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 capitalise on the enormous mobile market opportunity."
