PORTOLA VALLEY, California, June 19, 2019 /PRNewswire/ -- Almaz Capital exited from Acumatica, a fast-growing US-based provider of cloud-based ERP software systems. 100% of Acumatica is acquired by a leading PE firm EQT.
Headquartered in Bellevue, Washington, US, Acumatica is uniquely positioned to capitalize on the opportunity created by the ERP market's shift to cloud-based software, thanks to its flexible SaaS model and highly-scalable indirect distribution channels.
"Almaz Capital was the first ever investor in Acumatica back in 2009," Alexander Galitsky, Managing Partner of Almaz Capital, said. "The vision of Acumatica founders and the beauty of cloud-offering gave the opportunity to implement the optimization of business processes through ERP in the new industrial verticals over the globe. We have always believed in the success of Acumatica from the very beginning and have been more than happy to support and work with the team in the past 10 years."
EQT will support Acumatica's growth journey by leveraging complimentary opportunities with its existing portfolio company IFS. Acumatica and IFS will operate as sister companies, serving the market with complementary cloud ERP solutions. Acumatica will continue to operate as an independent company, led by CEO Jon Roskill.
"This move provides exceptional validation of Acumatica's market execution and growth in the last years that we have achieved with the support of our investors: Almaz Capital, Accel-KKR, Visma, MYOB and Runa Capital," Jon Roskill said. "Greater investment from EQT will unlock new opportunities and secure a stronger future for Acumatica."
Financial details of the transaction are not disclosed.
About Almaz Capital
Almaz Capital is an international VC firm investing in early stage, capital efficient technology companies in high-growth sectors. Being a unique bridge-model fund with the presence and network within the Silicon Valley and CEE, Almaz Capital connects companies from emerging tech regions with the global marketplace. The fund's investors include Cisco, EBRD, IFC. Founded in 2008, Almaz Capital has over 25 portfolio companies and 13 exits.
For more information, visit: www.almazcapital.com
Acumatica Cloud ERP provides the best business management solution for transforming your company to thrive in the new digital economy. Built on a future-proof platform with open architecture for rapid integrations, scalability, and ease of use, Acumatica delivers unparalleled value to more than 5,000 small and midmarket organizations through our team of 275 worldwide employees and 300 channel partners.
For more information, visit www.acumatica.com
SOURCE Almaz Capital