RealTime IT News

Appshop Secures $15 Million Additional Funds

Appshop, Inc.,, the largest independent Oracle ASP, today announced it has secured $15 million in its second round of funding from its new investor 3i, the international venture capital firm.

In conjunction with the round that includes previous investors, El Dorado Ventures, Menlo Ventures, Osprey Ventures, RSA Security and Walden TDF, the Fremont, Calif.-based firm also named J. Sanford (Sandy) Miller, managing director with 3i to its board to tap his more than 25 years of investment related experience with technology growth companies.

"We see Appshop as the clear winner in the managed applications market and believe they have a huge opportunity to grow their business for continued success," argues Miller who says he is excited to join Appshop's team and help support its growth.

Appshop plans to use the funds to expand its global operations, enhance product offerings, provide additional value-added services for existing customers, and to increase its sales and marketing efforts.

"This is an important milestone for Appshop," says Ravi Kulasekaran, CEO, Appshop. "Despite tough economic times, Appshop was able to raise money because of its dominance in the ASP market," he argues.

Doug Carlisle, managing director, Menlo Ventures is a board member and one of Appshop's original investors agrees: "Appshop's quarter upon quarter growth is truly impressive which is why we continue to reinvest in Appshop," he says.

The firm has also received accolades throughout the industry in recognition for what Appshop describes as an efficient ASP business model because of its single-vendor approach to minimize integration issues.

Says Phil Wainewright of ASPnews.com, "Arguably the most successful of all enterprise ASPs, Appshop has sustained its progress by a single-minded focus on an all-Oracle product line."