Acumatica secures funding to accelerate its rapid growth
Acumatica, the world's fastest-growing cloud ERP company, has secured $25 million in funding 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.
The investment was secured through Series C preferred round of funding led by Accel-KKR, a prominent Silicon Valley technology-focused investment firm, and existing investors.
"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.
One Channel CEO Bernard Ford says this funding will help Acumatica in its quest to improve how midmarket businesses operate and deliver value to their customers.
"Accel-KKR not only brings the capital required to drive Acumatica's growth, but also additional recruiting and expansion resources to support it in executing its plans. It provides Acumatica and its partners 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.
It 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, 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, MD of Accel-KKR.
"Our growth equity investment will help the company's operations scale to take advantage of this opportunity," he concludes.