ERP software developer Acumatica has received $25 million in Series C funding to grow its cloud ERP market and help expand its artificial intelligence, machine learning and cloud/software-as-a-service technologies.
The company, based in Bellevue, Wash., side by side with the likes of Amazon, Microsoft and tax software company Avalara, plans to expand its workforce by approximately 100 people as well. Together with the new funding, Acumatica’s growth will make it more competitive against cloud ERP software makers like SAP, Oracle and Microsoft.
Acumatica’s ERP product is built on cloud and mobile technology with a customer-centric licensing model. Its business management applications include financials, project accounting, commerce, manufacturing, field service and customer relationship management. Its recently released Construction Edition is a full-featured construction accounting software designed to help improve margins and project control at all stages of home, multi-family, commercial, mixed-use, land development and government projects.
Investment firm Accel-KKR led this round of funding for Acumatica.
“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, in a statement. “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.”
“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,” added 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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