Appirio secures $10 Million in series C funding

Appirio secures $10 Million in series C funding

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San Mateo: Appirio, an on-demand products and professional services company, has secured $10 million in Series C financing from GGV Capital and Sequoia Capital, which will be used to further invest in product development, go-to-market strategies and services to help businesses confidently move to cloud computing.

Appirio also plans to use the money to invest in and expand strategic partnerships. The new funding follows a Series B investment of $5.6 million led by Sequoia Capital in July 2008. In total, Appirio has raised $16.7 million in funding.

"Appirio has emerged as a clear leader in driving SaaS and cloud computing adoption within the enterprise, and the company's execution on its combined products and services business model has been nothing but impressive," said Jeff Richards, partner at GGV Capital. "Cloud computing has the potential to disrupt almost a trillion dollars in global IT spend when you combine packaged applications, services and hardware," he added.

In an economy where many IT budgets are flat or declining, industry analysts believe cloud computing to be counter-cyclical. In fact, IDC recently increased its SaaS growth projection for 2009 from 36 percent growth to 40.5 percent growth over 2008, and predicts that cloud computing will increase 260 percent by 2010.

"The business case for cloud computing is strong, and we are seeing the pace of investment from investors and customers growing as a result," said Chris Barbin, CEO of Appirio.

Established in 2006, Appirio provides both products and professional services to accelerate enterprise adoption of on-demand solutions. Offerings range from strategy engagements to define a company's path to the cloud, to SaaS implementation and custom development services, to products that extend customers' on-demand investments.

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