Summit Partners Leads $10 Million Growth Equity Investment in LogiXML
Funding Will Accelerate LogiXML’s Growth in the Business Intelligence Software Market
MCLEAN, VA AND BOSTON, MA— LogiXML, the pioneer of web-based business intelligence (BI) software, today announced that it has closed a $10 million growth equity investment led by Summit Partners. Also participating in the round is Grotech Ventures, an existing LogiXML investor. LogiXML investors now include Summit Partners, Grotech Ventures and Updata Partners. The funds will be used to accelerate LogiXML’s growth and expand the company’s share of the BI and analytics software market.
“As the broader BI and analytics market continues to expand, LogiXML has successfully capitalized on the demand for lightweight, agile BI solutions and has succeeded in market segments where traditional BI platforms fall short,” said Brett Jackson, CEO of LogiXML. “The investment made by Summit Partners and Grotech Ventures will enable us to accelerate our growth, build a much larger business, and increase our leadership position in our target segments.”
LogiXML gives IT professionals the fastest way to create BI applications, deploy scalable dashboards and reports, and embed analytics into existing applications—all for a fraction of the cost of other solutions. Unlike traditional BI platforms that are complex and expensive, LogiXML’s technology allows organizations to rapidly develop, refine, and adapt BI applications that serve multiple users on any platform, without extensive development or professional services. Additionally, LogiXML’s flexible and extensible architecture allows software and SaaS providers to seamlessly embed these data visualizations directly in their own products and services. Increasingly, organizations are leveraging this notion of “embedded BI” to deliver decision-making information directly into the core systems and processes used every day by their employees, partners, and customers.
“We are seeing more and more companies embed BI directly into their applications in order to get actionable data into the hands of business users quickly,” said Michael Medici, a Vice President of Summit Partners, who will join LogiXML’s Board of Directors. “Summit is pleased to support the strong team of entrepreneurs at LogiXML as they continue to take advantage of this embedded BI trend and position the company for continued rapid growth.”
Earlier this year, LogiXML was positioned for the first time in the 2011 Gartner Magic Quadrant for Business Intelligence Platforms, where its products ranked among the highest for ease of use, overall product functionality, support, product quality, performance, and customer experience.
Founded in 2000, LogiXML (www.logixml.com) is the market-leading provider of next generation, web-based business intelligence software. Known for pioneering a unique, highly embeddable web-based architecture for integration within other products, LogiXML provides web-based dashboards, user-friendly reports, and on-demand analysis that enables both technical and non-technical users to make better decisions for their organizations.
About Summit Partners
Summit Partners (www.summitpartners.com) is a growth equity firm that invests in rapidly growing companies. Founded in 1984, Summit has raised more than $11 billion in capital and has offices in Boston, London and Palo Alto. Summit seeks outstanding management teams that have built their companies to profitability and market leadership, and it provides equity and debt capital for growth, recapitalizations and management buyouts. Summit has invested in more than 330 companies across a range of geographies and industries. In the software industry, Summit’s notable investments include AvePoint, GoldenGate Software, Hyperion Software, McAfee, NetWitness, Postini, ProClarity, Telerik and Unica.
In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners Limited, a firm authorized and regulated by the Financial Services Authority. Summit Partners Limited is a limited company registered in England and Wales with company number 4141197, and its registered office is at 20–22 Bedford Row, London, WC1R 4JS, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.
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