Acumatica, the fastest-growing provider of cloud-based enterprise resource planning solutions for small and medium-sized businesses, announced today that it has raised $10 million in a Series C funding round led by Runa Capital and Almaz Capital.
This round follows the previous round of investment in 2011 led by Visma, a portfolio company of Kohlberg Kravis Roberts & Co; and the 2009 infusion by Cisco Ventures-backed Almaz Capital.
‘Acumatica is on a record growth trajectory,’ said CEO Yury Larichev. ‘We are on track to grow 350 percent again this year. This new funding round will boost our all-up brand and product efforts as we become the top Cloud ERP solution for SMBs.’
The latest funding will enable Acumatica to accelerate its already aggressive growth and work with its robust partner channel to make its offering the Cloud ERP solution of choice for SMBs worldwide.
‘We have a solid product roadmap loaded with new innovative additions, and a partner channel that continues to grow faster than we ever could have expected,’ said Larichev. ‘We do not need more funding because we are already making money.’
He added: ‘Acumatica is expanding fast in markets like Asia and Europe where Acumatica is the only viable Cloud ERP solution that embraces diverse international needs.’
Dmitry Chikhachev, Runa Capital Managing Partner, said: ‘Acumatica today is the fastest-growing company worldwide in the multi-billion-dollar market of business software. I am excited Runa took part in this round and confident that it will be one of the top returns for the Runa portfolio.’
Alexander ‘Sasha’ Galitsky, Co-Founder and Managing Partner of early investor Almaz Capital, said: ‘A business that grows more than 300% annually is the star in our portfolio. We see Acumatica growing to more than a billion in revenue in less than 10 years.’
Acumatica sells exclusively through its global network of best-in-breed partners, currently standing at more than 250. It offers secure, browser-based ERP solutions for accounting, distribution, CRM, and project management that are easy to use and custom fitted to address the complex needs of small and medium-sized organizations.
Acumatica’s various deployment options and payment flexibility are unmatched and address the needs of customers looking for perfect cloud business applications.
Besides its out-of-the-box solution, Acumatica also works with partners to build vertical solutions on its Acumatica Studio platform or white label its technology. Acumatica is currently sold through a growing list of OEM partners that includes Visma in the Nordic countries and the Netherlands, and MYOB in Australia and New Zealand.
Co-founder and Acumatica Board member John Howell said: ‘We know the channel. Unlike the trend that you see with many other software vendors today, we are 100% focused on partners. Selling in partnership with VARs and OEMs enables us to leverage capital to a much greater extent than our competition. A little goes a long way with Acumatica.’
Acumatica Co-Founder and Board Chairman Serguei Beloussov said: ‘When we started Acumatica, we designed it from the beginning to succeed. It is the best business I’ve co-founded to date. Acumatica is growing over 300% in revenue year over year, and is poised to make its mark on the industry. We are the game changer you’ve been waiting for.’