Appcore Secures $6 Million Series B Funding Round
DES MOINES, Iowa, March 5, 2013 /PRNewswire/ -- Today, Appcore, a global provider of the industry's only complete cloud computing automation platform, announced the closing of a $6 million Series B funding round. This Series B funding included private investors as well as existing investor Telephone Acquisition Company, with DH Capital acting as the exclusive advisor to Appcore. To date, Appcore has raised $11 million in total financing. The company will use the proceeds of this funding to continue global expansion of its local cloud deployments, as well as continued development of Appcore's industry leading software defined cloud and software defined data center offerings.
"Our goal has always been to build a successful, enduring company that provides the world with local cloud infrastructure, and we see a huge market opportunity ahead of us," said Brian Donaghy, CEO of Appcore. "This financing sets us up for additional investments in research and development to enhance our product while expanding to provide local cloud infrastructure to other regions around the globe."
"We are excited to add a new investor group in our Series B funding round. Their support of Appcore will accelerate the adoption of our technology and the expansion of our company in 2013 and beyond," said Jeff Tegethoff, President of Appcore. "We are pleased by the continued support of our investors, their confidence in our vision for cloud computing and our ability to execute operationally."
Appcore, which was founded in 2008, had received $5 million in investments from Interstate Communications, Omnitel Communications and Broadhorn Capital prior to this additional investment. Appcore's growth and momentum over the last six months and the company's expanded product strategy were key drivers in this additional round of investment. Appcore recently launched its new Automation Management Platform (AMP), announced an expansion in the Asia-Pacific market and opened a global support office in Manila.
DH Capital is a leading investment banking firm with deep industry expertise focused on assisting companies in the Internet infrastructure and telecommunications industries, as well as companies delivering servicing using a Software-as-a-Service (SaaS) business model. A trusted advisor to leading companies in the industries it serves, DH Capital has completed more than 100 M&A transactions and private capital placements, with a total transaction value exceeding $5.9 billion. Telephone Acquisition Company is an investment company owned by a group of Midwest-based competitive local exchange carriers (CLECs) that was founded in 2008.
"Appcore offers an advanced product that is ahead of its time in a growing Infrastructure-as-a-Service market worth nearly $72 billion according to a recent Gartner report," said Peter Hopper, CEO and Co-Founder of DH Capital. "The company is poised to take a meaningful piece of this market and we look forward to continuing to assist the management team as it executes its business plan."
For more information about Appcore cloud service solutions, visit www.appcore.com.
Appcore® automates the business of cloud computing®. Appcore delivers local cloud infrastructure for Enterprise Private Clouds and Service Provider Public Clouds. Appcore Onsite™ is a converged platform of automation, appstore, administration and architecture designed to be roll-in ready, accelerating the deployment and automating the operations of cloud environments. Appcore simplifies the complexity of cloud technology for data centers, telcos, software vendors and enterprises with flexible and scalable best practice solutions, backed by end- to-end management and support. Headquartered in Des Moines, IA with offices in Hong Kong, Manila and Singapore, Appcore delivers the business of cloud computing worldwide. In 2012, Appcore was named the fastest-growing company in mid-America by Five Elms Capital. www.appcore.com
About DH Capital
DH Capital is a private investment banking partnership serving companies in the Internet infrastructure, communications, and SaaS sectors. Headquartered in New York City with offices in Boulder, Colorado, the firm's principals have extensive experience and proven abilities in capital formation, finance, research, business development and operations. DH Capital provides a full range of advisory services to companies and financial institutions, including mergers and acquisitions, private capital placements, financial restructuring, and operational consulting. DH Capital has completed more than 100 M&A transactions and private capital placements with an aggregate value exceeding $5.9 billion. For more information on DH Capital, visit their website at www.dhcapital.com.