Acumatica, a Bellevue company focused on cloud management applications, announced Monday that it has secured $25 million in funding, primarily from Silicon Valley investment firm Accel-KKR.
In addition to the new partnership with the technology-focused firm, Acumatica received additional funding from existing investors, according to a news release.
The investment will allow the company to continue its growth in cloud services, artificial intelligence, machine learning and software services.
“We’re very pleased to be partnering with Accel-KKR as we continue to grow and expand into vertical industries,” Acumatica CEO Jon Roskill said. “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’s products center on enterprise resource planning, the management of central business activities; it bills itself as the “fastest-growing cloud ERP company” in the world. Tailored to small and midsize companies, Acumatica provides integrated management applications from project accounting to field service.
“Acumatica has built a differentiated cloud ERP platform with a loyal and fast-growing customer base and global reach through its channel partners,” Accel-KKR principal Joe Porten said, explaining why the investment firm backed Acumatica.
Though the company leads the market in machine learning, cloud technologies and artificial intelligence, according to the release, Accel-KKR was intrigued by Acumatica’s growth in software as a service product.
“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,” Accel-KKR managing director Greg Williams said. “Our growth equity investment will help the company’s operations scale to take advantage of this opportunity.”