Cherwell Software Raises $25 million from Insight Venture Partners to Support Rapid Growth
COLORADO SPRINGS, Colo., Nov. 27, 2012 /PRNewswire/ -- Cherwell Software, a fast growing provider of a flexible IT Service Management Platform that empowers IT to support business functions, announced today the closing of a $25 million minority equity investment from Insight Venture Partners. Cherwell Software will use the growth capital to accelerate growth of its channel sales program globally and to build additional applications and services to broaden the capabilities of its innovative IT Services Management (ITSM) platform. As part of the transaction, Richard Wells, managing director at Insight Venture Partners, will join Cherwell Software's Board of Directors.
"We are excited to welcome Insight Venture Partners to our team," said Vance Brown, chief executive officer and co-founder of Cherwell Software. "Cherwell's goal is to put customers first: to listen to and to meet their needs, to provide quality products and to deliver extraordinary customer care. With Insight's capital and its expertise working with fast-growth software companies, we will be able to achieve our customer and product goals more quickly to become the pre-eminent ITSM platform in the industry."
Cherwell Software provides a SaaS-based and on-premises IT Service Management software platform to enterprises around the world. In 2012, Gartner's Magic Quadrant recognized Cherwell Software in the IT Service and Support Management Tools market, and Forrester Research has recognized Cherwell as an "emerging leader". The company has an impressive list of customers including BE Aerospace, City of Scottsdale, The Weather Channel, Munich Airport and the University of New Mexico. Cherwell Software has quadrupled revenue and generated strong profit margins in the past three years.
"Cherwell Software represents a winning value proposition that Insight has seen succeed time and again: a world-class product that is cost-effective and easy to use," said Richard Wells, managing director at Insight. "Its IT customers and partners are strong advocates of Cherwell's ITSM platform as well as the dedicated support they receive. Insight was attracted to the management team's vision and the company's strong momentum, particularly as awareness of Cherwell spreads across the ITSM market. Insight invested to provide growth capital for Cherwell to win in the market."
Cherwell is committed to exceptional customer care and creating a company that will stand the test of time. With this new capital, the company plans to continue building Cherwell Software as the premiere service management platform solution for mid-market and enterprise companies – via growing a strong ecosystem of channel partners in the United States and internationally, as well as increasing the capabilities and breadth of the ITSM platform.
About Cherwell Software
Innovative Technology Built Upon Yesterday's Values
Founded by some of the industry's most notable leaders, Cherwell Software was built upon the premise that if we listen to our customers, care about and strive to meet their needs, and provide quality products and extraordinary customer care, then our company will stand the test of time –while having fun and building great relationships along the way. Our approach is also what enables us to help our clients build their companies to "stand the test of time."
Cherwell Software is one of the fastest growing IT service management software providers with corporate headquarters in Colorado Springs, Colo., USA; EMEA headquarters in Wootton Bassett, U.K.; and a global network of expert partners.
About Insight Venture Partners
Insight Venture Partners is a leading venture capital and private equity firm investing in on-premise and SaaS-based software, eCommerce, internet and data-services companies. Founded in 1995, Insight has raised more than $5 billion and made more than 150 investments worldwide. Our mission is to find, fund and work successfully with visionary executives who are driving change in their industries. We provide founders with practical, hands-on growth expertise to foster long-term success. For more information, visit insightpartners.com
SOURCE Insight Venture Partners