VIENNA, VA - GlobalLogic, Inc., the leader in global product development with more than 140 technology partnerships, today announced it has secured $29.5 million in Series C funding. The new funding will be used to execute the company's global merger and acquisitions strategy as it continues to expand worldwide. All of GlobalLogic's existing investors, Draper Atlantic (now New Atlantic Ventures), New Enterprise Associates (NEA) and Sequoia Capital India, participated in the C round, with Sequoia leading the round.
"GlobalLogic has been profitable for several years, and we will use these funds for acquisitions that will expand our software R&D center presence in Europe, Asia, North America and Latin America," said Peter Harrison, chief executive officer of GlobalLogic. "Today, we announced our first acquisition of 2008, which we accomplished using some of these funds: Validio Software, a significant global product development company based in Bellevue, Washington, with a substantial software development center in Ukraine," said Harrison.
Validio Software is a U.S.-based software development company with a 320-person development center in Kharkov, Ukraine. The acquisition expands GlobalLogic's .NET expertise and makes GlobalLogic one of the largest technology employers in Ukraine. [Read: GlobalLogic Acquires Validio Software, Expands .NET Expertise and Strengthens European Presence - http://www.globallogic.com/Media/pressReleaseDetail.asp?press/72].
GlobalLogic focuses solely on software product R&D for technology companies, not IT services. Its 2,500 engineers in the U.S., India, China and Ukraine help GlobalLogic's clients develop software products cost-effectively and deliver them to market faster than they could on their own. GlobalLogic services include product testing and quality assurance, product analysis, conceptualization and realization, migration and porting, and product maintenance and support. GlobalLogic's distributed Agile development method and platform, GlobalLogic Velocity™, shrinks the software product development lifecycle and ensures that robust, high-quality product releases are delivered on time.
In particular, GlobalLogic delivers full product lifecycle development expertise to its technology clients in domains such as mobile, telecommunications, financial, Web 2.0, SaaS/on-demand, open source, business intelligence, and software QA/test. The company develops across the leading platforms including .NET, Java/Ruby on Rails, BREW, Symbian and many others.
About GlobalLogic
The leader in global product development, GlobalLogic, Inc. partners with emerging and established technology companies to help them bring great software products to market in less time and at less cost. GlobalLogic has developed a unique joint-venture model of partnering with technology companies to create a dedicated global delivery center. By leveraging GlobalLogic's global facilities and world-class engineers, companies can increase quality while dramatically reducing timelines and operating costs, often by more than 60 percent. Through the GlobalLogic Velocity™ method and platform, the company is also a pioneer in distributed Agile methods and open source platforms that shorten product development cycles while ensuring that the right features are implemented on time, every time.
GlobalLogic has ongoing partnerships with more than 140 technology companies in markets that include consumer internet, SaaS, VoIP, wireless, telecom, security, payment, business intelligence, embedded and finance. It has completed more than 300 major products in the last 12 months with a better than 95 percent on-time delivery record. Over the last six years, GlobalLogic has helped its clients release over 800 software products. Its clients include innovative technology companies such as Autodesk, Avolent, BroadSoft, Electronic Arts, GridApp Systems, MobiTV, Motorola, NexTone, Vertica, Qualcomm and Sony Digital. GlobalLogic, an Inc. 500 company, has been ranked as one of the 10 best places to work in India by IDC and was recognized by InfoWorld for Agile software product development excellence. GlobalLogic is headquartered in Vienna, Virginia and has European headquarters in London, U.K. The company has global delivery centers throughout the U.S., India, Ukraine and China and employs nearly 3,000 professionals worldwide.
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