AppDirect Acquires Standing Cloud and Secures $9M in Series B Funding Round

AppDirect Acquires Standing Cloud and Secures $9M in Series B Funding Round 
Acquisition and Funding Position AppDirect as the Most Complete Cloud
Marketplace and Management Solution Available 
SAN FRANCISCO, CA -- (Marketwired) -- 09/10/13 --  AppDirect, the
leading cloud service marketplace company, announced today that it
has acquired Standing Cloud, a leading provider of cloud management
services, such as automated software packaging and orchestration that
enable fast, seamless application deployment and management.
Together, AppDirect and Standing Cloud provide an unparalleled cloud
marketplace and management solution that offers more features and
functionalities than any other competitor, technology that can be
used by almost any provider for any type of use case, from public app
marketplaces to internal enterprise application stores. 
"Both AppDirect and Standing Cloud have worked to develop
technologies that make the cloud easier to use. With this
acquisition, we can join forces to accelerate the speed of innovation
and move faster than ever before," said Daniel Saks, president and
co-CEO of AppDirect. "We're thrilled to work with a team that's as
excited about cloud services technology as we are." 
Leslie Osborne, VP of Product and Operations at Standing Cloud,
added: "From day one, we've been impressed with AppDirect's
technology and the passion of its team. AppDirect clearly shares our
vision for making cloud technologies more accessible and easier to
use, and we're looking forward to all of the great things we can
achieve together." 
Founded in 2009, Standing Cloud has deployed services with a range of
cloud partners, including Amazon, Rackspace, Savvis, IBM, and others.
Its catalog of integrated software features more than 100
applications, including Drupal, Magento, SugarCRM, and WordPress. The
company has received $10 million in funding, completing its Series B
round in late 2010. Standing Cloud is located in Boulder, Colorado,
where the team will continue to be based. 
As part of the acquisition, AppDirect will become part of the Foundry
Group portfolio of companies. Headed by industry veteran Brad Feld,
the Foundry Group has invested in Zynga, SendGrid, CloudAbility, and
Standing Cloud, among many others. "At the Foundry Group, we've made
it a point to invest in companies that drive long-term cycles of
innovation. AppDirect fits that vision to a tee," said Feld. 
Concurrent to the acquisition, AppDirect has also closed its Series B
round of funding, securing $9 million from existing investors. Lead
by iNovia Capital, the company's Series B will enable AppDirect to
continue its rapid, aggressive growth and capture more of the
expanding global cloud computing market, a sector predicted to grow
to $241 billion by 2020. In addition, former Director at McKinsey &
Company, Tsun-Yan Hsieh, is now serving as a special advisor to
AppDirect. Hsieh is a business leader with extensive experience in
international business and leadership. Currently, he serves as a
board member of Sony Corporation and Bharti Airtel Limited.  
"iNovia doubled up on AppDirect because the team can execute, it's as
simple as that," said Chris Arsenault, Managing Partner at iNovia
Capital. "And now, with the Standing Cloud acquisition, AppDirect
will accelerate its already amazing growth and cloud service
marketplace leadership." 
Recently named to JMP Securities "Hot 100 Software Companies" list
and the CRN Cloud 100 -- alongside Citrix, Oracle, and Google --
AppDirect powers the marketplaces of some of the largest service
providers in the world, including Staples, Deutsche Telekom,
TeliaSonera, Swisscom, and Rackspace. These marketplaces enable SaaS
products from leading providers such as Microsoft, McAfee, Carbonite,
WebEx, and more to reach almost 12 million end users in 80 countries
About AppDirect
 AppDirect is the leading cloud service marketplace
company dedicated to revolutionizing the way businesses run. Its
award-winning platform connects businesses, brands, and developers
through a global network of partner marketplaces. Based in San
Francisco, AppDirect powers the marketplaces of trusted companies
around the globe -- including Staples, Deutsche Telekom, TeliaSonera,
Rackspace, Swisscom, Appcelerator, and more -- and has helped
millions of businesses discover, buy, and manage the best cloud-based
software and services. 
About iNovia
 iNovia Capital partners with exceptional entrepreneurs
to build successful companies in high-growth sectors. The team is
comprised of founders, builders and engineers that are passionate
about building market-leading technology companies. iNovia has $275M
under management across three seed and early-stage funds. For more
information, visit (Twitter: @iNovia). 
Media Contact
Emily Borders
877-404-APPS ext. 419 
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