Acumatica Secures Funding from Accel-KKR for Cloud ERP Growth
Acumatica, a leading provider of cloud ERP solutions, today announced that it has secured a $25 million Series C preferred round of funding led by Accel-KKR, prominent Silicon Valley technology-focused investment firm, and existing investors. This investment is aimed at further accelerating Acumatica’s cloud ERP solution 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.
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“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 mid market 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.
“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.
The company’s 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.
“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.”
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