PE HUB » Cisco Systems Backs Majitek
Aug 12, 2013
February 11, 2009 10 Views 0 Comments
Majitek, an Australia-based provider of cloud computing software platforms, has raised $7.5 million in new VC funding. Cisco Systems led the round, and was joined by return backer Pierce & Pierce. PRESS RELEASE
Majitek, the leading provider of software platforms for next generation service providers, has confirmed today that it has completed a US$7.5 million round of equity funding welcoming global networking giant, Cisco Systems, to its share register. Also participating in the round is Majitek’s current investor, Pierce & Pierce. The Majitek Software Platform enables any device or system connected to a network to be accessed on a pay per use basis. Combined with its highly-scalable Cloud Computing architecture, it is positioned to enable all devices and systems within an entire city to be offered as ‘utility services’. The global investment agreement will allow the company to further enhance its product and solution offerings to meet the needs of the Connected Real Estate market. The funds will also be used to expand Majitek’s international operations, including opening a permanent office in Dubai, UAE to work more closely with its real estate industry customers and partners in the Middle East and other emerging markets across the world. Majitek also expects to work with Cisco’s Globalization Center East based in Bangalore, India to develop a software platform that will enable the creation and delivery of innovative services for the real estate industry and others including transportation, smart-grid and safety and security. This platform will serve as an enabler to ‘Intelligent Urbanization,’ realizing the ‘city-as-a-service’ vision in emerging markets. Newly-appointed Majitek CEO, Bernie Devine, said: “We are delighted to have one of the world’s leading technology companies joining us as a shareholder and a key partner. We are very confident that Cisco’s investment and its increased involvement with Majitek will result in a solution that empowers real estate companies to engage customers in new and innovative ways. Majitek and Cisco share a common view on what can be achieved in Connected Real Estate and we look forward to realizing that vision together’.