LogicalApps Secures $14 Million in Series A Funding
Premier Venture Firms Sequoia Capital and Mission Ventures Team with LogicalApps to
IRVINE, CA – October 11, 2005 – LogicalApps®, the leading provider of business
controls automation software for enterprise applications, today announced it has secured $14 million in growth capital from Sequoia Capital and Mission Ventures. LogicalApps will use the funds to expand sales, marketing and support operations in response to high demand for its compliance monitoring and enforcement solutions.
“We are extremely excited to have high-caliber investors Sequoia and Mission partnering with us to fuel our continued growth,” said Chris Capdevila, CEO and co-founder of LogicalApps. “We have grown organically since our inception, doubling revenue and maintaining profitability every year. This new investment will enable us to bring our nique technology for preemptive compliance and granular application controls to a uch larger audience, and accelerate development in related solutions.”
“We are impressed by the market traction and strong financial results that LogicalApps as already achieved in the Oracle E-Business Suite marketplace,” said Dave Ryan, Managing Partner of Mission Ventures. “LogicalApps has built a marquee list of very satisfied customers by delivering solid products that address real business requirements, and backing that up with world-class customer support.”
“LogicalApps shows the characteristics of a true market leader: consistent execution in engineering and sales, efficient resource utilization, and total commitment to the customer’s success,” said Sameer Gandhi, Sequoia Capital Partner. “After looking at this sector very closely, we are convinced that the LogicalApps team, technology and vision set them apart from their competition. We are very excited to partner with such a promising company in a sector that is poised for rapid growth."
The company’s growing customer base includes over 150 blue chip companies that rely on LogicalApps solutions to reduce compliance costs, increase efficiency in business operations and minimize financial loss resulting from errors, misuse and fraud within enterprise business applications.
ABOUT LOGICALAPPS
LogicalApps is the leading provider of business controls automation software for enterprise applications. The company’s solutions automate the real-time nforcement and monitoring of business controls, enabling customers to optimize operational efficiency and ensure continuous compliance with today’s regulatory mandates. The company’s growing customer base of over 150 blue chip companies – including industry leaders such as Agilent, Motorola, Tempur-Pedic, and the US Department of Transportation – rely on LogicalApps to reduce compliance costs, increase efficiency in business operations and minimize risk resulting from errors, misuse and fraud within enterprise business applications. With LogicalApps, organizations get more than sustainability in compliance — they get increased control while building a better business. Founded in 2000, LogicalApps is privately-held with headquarters in Irvine, California and regional offices throughout the US.About Sequoia Capital
Sequoia Capital provides venture capital funding to founders of startups who want to turn business ideas into companies. As the "Entrepreneurs Behind the Entrepreneurs", Sequoia Capital's Partners have worked with innovators such as Steve Jobs of Apple Computer, Larry Ellison of Oracle, Bob Swanson of Linear Technology, Sandy Lerner and Len Bozack of Cisco Systems, Dan Warmenhoven of Network Appliance, Jerry Yang and David Filo of Yahoo!, Jen-Hsun Huang of nVIDIA, Michael Marks of Flextronics, Larry Page and Sergey Brin of Google, Chad Hurley and Steve Chen of YouTube and Dominic Orr and Keerti Melkote of Aruba Wireless Networks. To learn more about Sequoia Capital visit www.sequoiacap.com.
