AppLabs Secures $10 Million in Funding from Sequoia Capital.PHILADELPHIA & HYDERABAD, India -- AppLabs Technologies, one of the fastest growing software testing Software testing is the process used to measure the quality of developed computer software. Usually, quality is constrained to such topics as correctness, completeness, security, but can also include more technical requirements as described under the ISO standard ISO 9126, such companies in the world, announced that it has received commitment for an additional $10 million investment from Sequoia Capital Sequoia Capital is a venture capital firm founded by Don Valentine in 1972. The firm's partners include Don Valentine, Pierre Lamond, Michael Moritz, Doug Leone, Mike Goguen, Mark Stevens, Jim Goetz, Sameer Gandhi, Roelof Botha, and Mark Kvamme. India. Sequoia Capital India has already invested in AppLabs $7 million in equity financing Equity FinancingThe act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. , taking their total committed investments to $17 million making it one of their largest investments in an Indian company. Sequoia Capital is the leading venture capital firm globally. Sequoia's portfolio includes global leaders like Cisco, Google, Oracle, Electronic Arts and Yahoo! and market leaders in India like Onesource, Times Internet, shaadi.com and marketRx. AppLabs is a software testing and development company that offers three primary services to help enterprises and independent hardware and software vendors improve quality assurance throughout the development lifecycle. These include Quality Assurance Services Assurance services have been defined by the American Institute of Certified Public Accountants (AICPA) as 'Independent Professional Services that improve information quality or its context'. , development Services and KeyLabs Certification Services. Sandeep Singhal, Managing Director, Sequoia Capital India, said, "We believe that the company will become the largest independent testing services company in the world in the near future. Our growing investments in AppLabs are indicative of our confidence in the organization and the management." Sashi Reddi Sashi Reddi is the founder, Chairman & CEO of AppLabs, a leading IT Services Company. History and Family Sashi Reddi was born in Chennai (previously "Madras"). Sashi did his schooling in Lawrence School, Lovedale near Ooty. , Founder & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , AppLabs Technologies, said, "We are pleased to receive this additional commitment from Sequoia Capital. Having built AppLabs into the third largest independent testing company in the world, we aim to continue meeting the needs of companies who recognize the increasing risk--to security and customer service--posed by software not adequately tested." Objective third party software testing is an emerging category of IT services that has already become a $13 billion market. Industry analysts such as Forrester and Gartner are forecasting its continued rise with a Forrester research Forrester Research is an independent technology and market research company that provides its clients with advice about technology's impact on business and consumers. Corporate facts
Forrester analyst Carey Schwaber, quoted recently, said of AppLabs, "They were really (among) the pioneers," adding that AppLabs and other companies in the field "are growing at annual rates of 50 to 300 percent." AppLabs, an early leader in the space, was founded in 2001 in response to a surge in global software vulnerability. Today AppLabs maintains advanced testing facilities in Lindon, UT and Hyderabad, India with its global headquarters in Philadelphia, PA. AppLabs' more than 400 clients include American Airlines American Airlines Major U.S. airline. American was created through a merger of several smaller U.S. airlines and incorporated in 1934. It continued to buy the routes of other airlines, becoming an international carrier in the 1970s; its routes include South America, the , SAP, Broderbund, American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. and MSNBC MSNBC Microsoft/National Broadcasting Company . About Sequoia Capital Sequoia Capital provides startup venture capital for very smart people who want to turn ideas into companies. As the "Entrepreneurs Behind the Entrepreneurs", Sequoia Capital's Partners have worked with innovators such as Steve Jobs Steve Jobs - Stephen 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 and Larry Page and Sergey Brin of Google. To learn more about Sequoia Capital visit www.sequoiacap.com. About Sequoia Capital India (WestBridge Capital Partners) WestBridge Capital Partners is a Mauritius based Indian venture capital fund with approximately $350 million under management. The fund focuses primarily on high growth India domestic services, consumer internet, consumer wireless, and outsourced services businesses that are leaders in their market segments. WestBridge has offices in Bangalore and Silicon Valley. About AppLabs Technologies AppLabs Technologies is a global IT services company specializing in software testing and development, with an emphasis on quality assurance, performance, certification and hardware testing. Customers include American Airlines, InstallShield, HP, Novell and SAP. AppLabs is the first software testing company to get appraised at SEI CMMI See CMM. Level 5, the highest quality standard attainable in software engineering. The company is headquartered in Philadelphia, Pennsylvania and maintains state-of-the-art testing centers in Lindon, Utah and Hyderabad, India. For more information, visit www.applabs.com. |
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