BELLEVUE, Wash., June 18, 2018 /PRNewswire/ -- Acumatica, the world's fastest-growing cloud ERP company, today announced that it has secured a $25 million Series C round of funding led by Accel-KKR, a prominent Silicon Valley technology-focused investment firm, and existing investors. Acumatica will use this investment to further accelerate its rapid growth in the $28 billion Cloud ERP market and help extend its lead in AI, machine learning and Cloud/SaaS technologies for business management and financial applications.
"We're very pleased to be partnering with Accel-KKR as we continue to grow and expand into vertical industries," said Jon Roskill, CEO of Acumatica. "Accel-KKR not only brings the capital required to drive Acumatica's growth, but also additional recruiting and expansion resources to support us in executing our plans. This funding will help in our quest to improve how midmarket businesses operate and deliver value to their customers, and provides Acumatica with a path to profitability."
Acumatica has been a disruptive force in the ERP space, built on cloud and mobile technology and a unique customer-centric licensing model. Acumatica delivers a suite of fully integrated business management applications such as Financials, Project Accounting, Commerce, Manufacturing, Field Service and CRM, on an intelligent and flexible platform. Its recently released Construction Edition is a full-featured construction accounting software that helps improve margins and project control at all stages of home, multi-family, commercial, mixed-use, land development, and government projects. Acumatica products are highly regarded by industry analysts and customers for their ease of use, Total Cost of Ownership, and rapid Return On Investment.
"Acumatica has built a differentiated cloud ERP platform with a loyal and fast-growing customer base and global reach through its channel partners," said Joe Porten, Principal at Accel-KKR.
"With the adoption of SaaS accelerating in the ERP market, we believe Acumatica is well positioned to capture a disproportionate share of the market growth," said Greg Williams, Managing Director at Accel-KKR. "Our growth equity investment will help the company's operations scale to take advantage of this opportunity."
Acumatica provides cloud-based business management software that enables small and mid-size companies to accelerate their businesses. Built on cloud and mobile technology and a unique customer-centric licensing model, Acumatica delivers a suite of fully integrated business management applications such as Financials, Project Accounting, Commerce, Manufacturing, Field Service and CRM, on a robust and flexible platform. For more information, visit www.acumatica.com.
Accel-KKR is a technology-focused investment firm with $4.3 billion in capital commitments. The firm focuses on software and IT-enabled businesses well-positioned for topline and bottom-line growth. At the core of Accel-KKR's investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on building value through significant resources available through the Accel-KKR network. Accel-KKR focuses on middle-market companies and provides a broad range of capital solutions including buyout capital, minority-growth investments, and credit alternatives. Accel-KKR also invests across a wide range of transaction types including private company recapitalizations, divisional carve-outs and going-private transactions. Accel-KKR is headquartered in Menlo Park with additional offices in Atlanta and London.