LogiXML Inc., a McLean, Va.-based provider of Web-based reporting and analysis products for the enterprise, has raised $5 million from Updata Partners.
LogiXML, Inc. (www.logixml.com), the leader in Web-based Business Intelligence today announced that it has secured $5 million from Updata Partners. The company has enjoyed dramatic growth over the last three years and is now adding venture funding to take advantage of domestic and international market opportunities for the Logi 8 Business Intelligence platform. In conjunction with the funding, Carter Griffin, Partner at Updata Partners, has joined LogiXML's Board of Directors.
“The market is recognizing the tremendous value proposition of our products and our unique server-based licensing model,” said LogiXML Founder and CEO, Arman Eshraghi. “Our objective now is to extend the opportunity to license our products to the widest possible audience. The addition of venture funding from a well respected firm like Updata Partners will allow us to dramatically accelerate our growth and overall market reach.”
Logi 8 is the complete, unified, Web-based business intelligence platform developed by LogiXML now in use at customer sites around the world. Logi 8 offers all of the BI capabilities users across an organization may need, including comprehensive corporate reporting and analysis, ad hoc reporting, and valuable BI data services. The platform is equally valuable for independent software vendors who want embedded BI to achieve greater reporting functionality out of their applications.
“LogiXML offers a unique opportunity for Updata Partners to invest in a company already doing well on its own. Our investment will help support sales momentum and expand market presence,” said Griffin. “The traditional Business Intelligence market is dominated by expensive and technically complex products. LogiXML's Web-based BI products are demonstrating that there is a better way to do BI, whether you are an end user or an ISV.”
About Updata Partners
Based in Reston, Virginia and Edison, New Jersey, Updata Partners is a leading venture capital firm that invests in growth stage information technology companies with innovative intellectual property enabling market-leading products and services. Led by an investment team averaging more than 20 years of operational and private equity experience in the technology industry, Updata Partners seeks investments where the combination of our financial backing and operating expertise will accelerate growth. With nearly $500 million under management, the firm also selectively provides recapitalization and management buyout financing. For more information, visit www.updatapartners.com.
About LogiXML, Inc. (www.logixml.com)
LogiXML, the leader in interactive, Web-based Business Intelligence empowers enterprises to turn data into business-critical information with pure Web-based reporting and analysis products. The Company offers a comprehensive platform that addresses all key areas of BI – managed reporting, ad hoc reporting, analysis and data services. Used by thousands of organizations worldwide, LogiXML products are built on standards-based technologies for easy integration, implementation and upgrade. LogiXML's per server pricing model makes its powerful technology the most affordable BI solution on the market. Founded in 2000, LogiXML is privately held and based in McLean, Virginia.