BETHESDA, MD – Acumatica, a company that develops and sells web-based accounting, ERP and CRM software, has received an investment in an undisclosed amount from the Almaz Capital Russia Fund I, which is backed by Cisco Systems.
The investment will be used to help Acumatica launch its Software as a Service (SaaS) offering and secure its position as a leader in providing fully customizable SaaS and on-premise software. A
The company says Acumatica is designed as a highly customizable web application with the flexibility to be hosted on-premise, at a datacenter, or on a cloud computing platform. Acumatica offers advanced financial features including flexible account structures, multi-currency operations, and support of multiple accounting standards.
“The investment in Acumatica reflects our ongoing support and professional interest in cloud technologies and associated business opportunities. Acumatica has compelling and differentiated technologies, a strong and growing customer base, and opportunities to further expand its core offering and solve critical ERP and CRM needs for the middle market,” said Alexander (Sasha) Galitsky, co-founder and managing partner of Almaz Capital Partners.
“We seek proven technologies that are uniquely applied to solve global market needs and believe Acumatica has the potential to be a game changer.”
“Acumatica is well positioned to help mid-market enterprises safely transition to web and cloud computing technology,” said Ezequiel Steiner, CEO of Acumatica. “The investment from Almaz will accelerate our ability to deliver advanced accounting and ERP solutions on-premise or as SaaS.”
Almaz Capital Partners is a venture capital firm that invests in Russian/CIS related technology, digital media, and communications companies. The Almaz Capital Russia Fund was formed in July 2008, when it completed an initial closing with a $30 million anchor investment from Cisco. The firm has offices in Silicon Valley and Moscow.
Online: www.almazcapital.com; www.acumatica.com
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