Toronto, Ontario– April 20, 2011 – MMV Financial (MMV), a pre-eminent specialty finance firm serving venture-backed companies in North America, announced today that Axeda Corporation has increased its debt facility with MMV. Axeda is the leading cloud platform provider for M2M (machine-to-machine) application development, powering solutions for remote service, fleet management, smart grid, usage-based insurance, asset tracking, and more.
“We are extremely pleased to deepen our relationship with Axeda,” said Ron Patterson, Executive Vice President, MMV Financial. “An existing portfolio company, Axeda is leading the M2M platform market with its technology, blue-chip customer base, and key partnerships with AT&T, Sprint, and Verizon. Axeda’s management team has executed on all of the needed factors for continued success and we are pleased to offer additional support.”
A decade of innovations has made Axeda’s award-winning technology the choice for more than 150 major organizations such as Abbott Diagnostics, Agilent Technologies, Diebold, and EMC.
The Axeda Platform enables enterprises, systems integrators, solution architects and developers to quickly and easily build and deploy powerful M2M solutions, faster and at a lower cost than internally built solutions.
“We are pleased by the continued support we have received from MMV,” said Jack Sweeney, CEO of Axeda. “The additional backing will help us reinforce our strategic objective of M2M market leadership expansion, driven by technology innovation and exceptional customer support and success.”
About MMV Financial
MMV Financial empowers growth for venture-backed technology and life sciences companies across North America through creative debt solutions. We provide quick and efficient access to additional capital with limited dilution. Our goal is to help companies achieve valuation inflection points, liquidity events and/or operational cash flow breakeven with flexible, cost-effective financing. MMV is backed by top U.S. and Canadian private equity firms and financial institutions including Wells Fargo Company, HSBC Bank Canada, Caisse de depot et placement du Québec, CCP Equity Partners, Fonds de Solidarité des Travailleurs du Québec and ROI Capital. For more information, please visit www.mmvf.com.
About Axeda Corporation
Axeda Corporation is the leading M2M application platform company enabling the world of connected products. We provide our customers with a cloud platform to rapidly and cost-effectively build and deploy any M2M application, connected to any product, over any network. Axeda technology powers M2M solutions for remote service, fleet management, smart grid, usage-based insurance, asset tracking, mHealth and more.
More than 150 of the world’s leading enterprises, including Agilent, Diebold, and EMC, rely on Axeda to transform their businesses with connected products that improve customer satisfaction, reduce costs, and generate new sources of revenue. Join our developer community at: http://developer.axeda.com and learn more at www.axeda.com.
Executive Vice President