MCLEAN, VA—Updata Partners has invested $5 million in LogiXML, a Web-based business intelligence firm.

Carter Griffin, an Updata Partner, joins LogiXML’s board in conjunction with the funding.

Logi 8 offers all business intelligence capabilities users across an organization may need, including comprehensive corporate reporting and analysis, ad hoc reporting, and valuable BI data services. The platform is equally valuable for independent software vendors who want embedded BI to achieve greater reporting functionality out of their applications.

Software Magazine named the company to its annual software 500 list in 2006 when a growth rate of 86.6 percent made it the fastest growing business intelligence company on the list.

“The market is recognizing the tremendous value proposition of our products and our unique server-based licensing model,” said LogiXML Founder and CEO, Arman Eshraghi. “Our objective now is to extend the opportunity to license our products to the widest possible audience. The addition of venture funding from a well respected firm like Updata Partners will allow us to dramatically accelerate our growth and overall market reach.”

“LogiXML offers a unique opportunity for Updata Partners to invest in a company already doing well on its own. Our investment will help support sales momentum and expand market presence,” said Griffin.

“The traditional Business Intelligence market is dominated by expensive and technically complex products. LogiXML’s Web-based BI products are demonstrating that there is a better way to do BI, whether you are an end user or an ISV.”

The company is based in McLean, VA.

On the Web: www.logixml.com

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