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MachineShop Emerges From Stealth Mode to Provide the On-Ramp for the Internet of Services -- the Framework That Will Support Trillions of Interactions Between Billions of Things, Systems and Data Sources

Company Announces $3 Million Equity Financing From Customers and Partners, Including CSR, Diebold and Xchanging

BOSTON, MA -- (Marketwired) -- 03/20/14 -- MachineShop, today announced it has emerged from stealth mode to help simplify and standardize the way organizations, individuals, applications and systems interact with each other in a hyper-connected world. Looking beyond how tens of billions of devices physically connect to the Internet, MachineShop is focused on the trillions of data transactions and interactions that will occur through the Internet of Services -- the domain where communication occurs through standard Services or application program interfaces (APIs) rather than legacy platforms, middleware or proprietary protocols. MachineShop marries the ubiquitous adoption of APIs with the ever-growing number of connected systems and related data sources allowing developers and their applications to leverage standard, discrete, purpose-built services.

The company also announced that it raised $3 million from strategic investors, its first outside capital. Until now the company was funded almost entirely through revenue. The three investors are CSR, Diebold, Incorporated and Xchanging plc, each of whom is a MachineShop customer or partner.

According to Gartner, Internet of Things vendors will top $309 billion in direct revenue by 2020, with most of that money stemming from services. "There are few market opportunities that can be measured in trillions of transactions, but the Internet of Services is one of them," said Michael Campbell, CEO, MachineShop. "Not only is the Internet of Services bigger than the sum of all the connected devices in the world, it's more valuable financially to enterprises, developers, hardware vendors and ultimately to the consumers of all things connected."

Unlike API Management vendors, MachineShop does far more than just aggregate and manage APIs. The company created hundreds of unique services that complement the wide range of APIs available from third parties, or those written by companies themselves. MachineShop's APIs uniquely normalize interfaces to connected things and also include a rich set of business logic, event management and communications services that developers find valuable when building and integrating solutions. All of these are then exposed to customers through public or private Services Exchanges, which become a private API store of sorts. These Services Exchanges provide authenticated, metered and managed access to these discrete services regardless of who authored or hosts them.

Diebold is a global leader in providing innovative self-service technology and security systems, and was also one of MachineShop's first customers. MachineShop provided the API framework during the development phase of Diebold's SecureStat®, an innovative, web-based security system management tool that unifies disparate systems and services while providing a single interface for real-time administration of security operations across an enterprise.

"Diebold has a deep commitment to leveraging emerging technologies to deliver differentiated products and services to its customers worldwide," said Tony Byerly, Diebold executive vice president, Electronic Security. "MachineShop has been an important partner for our security business in supporting our services-enablement strategy, and we are enthusiastic about their future."

Because MachineShop's Services Exchange offering is not a platform, developers have complete flexibility to build applications or integrate systems in any programming language, with any tools and deployed on any infrastructure they choose. This is a dramatic departure from the way traditional enterprise, Machine to Machine or Internet of Thing platforms operate today.

A key strategic partner for MachineShop is investor Xchanging plc, the business process, technology and procurement services provider, "The value for customers is where technology can be applied to enable intelligent conversations between people, processes and machines," said Andrew Binns, executive director, Xchanging. "We're pleased to invest and partner with MachineShop. Through our combined technologies, we have the ability to our offer our clients the tools needed to expose data and make it available for analysis and in turn, actionable business services."

CSR is a pioneering designer and developer of silicon and software for the consumer electronics market and is excited by the growth opportunity presented by the Internet of Things. "The Internet of Things will not be built around products alone. As the market evolves, services will become increasingly important, and MachineShop understands that aspect of the market," said Will Gardiner, CFO, CSR. "We are investing in MachineShop because its technology eliminates complexity by simplifying and standardizing the way information is managed so that physical and virtual assets and services can work together in one integrated system."

About MachineShop:
MachineShop provides the on-ramp to the Internet of Services where trillions of transactions will occur between billions of physical things and their interactions with other systems, applications and people. MachineShop's public or private Services Exchange allow customers to subscribe to thousands of unique, managed API-centric services regardless of whether they are developed by MachineShop, its customers or other third parties. For more information, visit www.machineshop.io or @MachineShopIO

About CSR:
CSR is a global provider of innovative silicon and software solutions for the location-aware, media-rich, cloud-connected world. Our platforms are optimised for the automotive navigation and infotainment, document imaging, connected home infotainment and wireless audio markets. We provide solutions to complex problems in the audio-visual, connectivity and location technology domains across a broad range of markets, with a technology portfolio that includes GPS/GNSS systems, Bluetooth®, Wi-Fi®, FM, NFC, aptX®and CVC™ audio codecs, JPEG, MPEG, H.264 imaging, PDL printing, microcontrollers, DSPs and broadband receivers. CSR's technology solutions and market platforms enable its customers to deliver a superior user experience and are adopted by leaders in the auto, computer, home and mobile markets. More information can be found at www.csr.com. Keep up to date with CSR on our technical blog or CSR people blog, YouTube, Facebook or follow us on Twitter attwitter.com/CSR_plc.

About Diebold:
Diebold, Incorporated (NYSE: DBD) is a global leader in providing innovative self-service technology, security systems and related services. Diebold has approximately 16,000 employees worldwide and is headquartered near Canton, Ohio, USA. Visit Diebold at www.diebold.com or on Twitter: http://twitter.com/DieboldInc.

About Xchanging:
What we are
Xchanging provides business processing, technology and procurement services internationally for customers across multiple industries.
What we do
Xchanging brings innovation, thought leadership and passion to its customers' businesses so as to enhance performance and value. Our values are embedded into everything we do.
What we want to be
Xchanging wants to be regarded as the best provider in its chosen markets by delivering services that are recognised for outstanding quality, reliability and innovation.

Kristen Wiltse
KW Communications
Email Contact

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