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AppLabs Secures $10 Million in Funding from Sequoia Capital.

PHILADELPHIA & HYDERABAD, India -- AppLabs Technologies, one of the fastest growing software testing companies in the world, announced that it has received commitment for an additional $10 million investment from Sequoia Capital India. Sequoia Capital India has already invested in AppLabs $7 million in equity financing, 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, 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, Founder & CEO, 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 briefing advising that, "It can be difficult for (internal) testers who are part of development to objectively assess application quality."

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, SAP, Broderbund, American Stock Exchange and MSNBC.

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 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 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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Publication:Business Wire
Geographic Code:1USA
Date:Jun 29, 2006
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