New Funding Round Fuels Road Map And Geographic Expansion
On November 18th, privately held Acumatica announced Series C funding from Runa Capital and Almaz Capital. The Kirkland, WA based Acumatica, has been quietly providing its partners a customizable, cloud-based ERP and CRM development platform for the SMB market. Acumatica’s previous rounds were funded by Visma (a KKR company) and Almaz Capital (backed by Cisco). The announcement is significant because Acumatica intends to:
- Expand its partner base into new markets. Acumatica currently has offices in Washington DC, Singapore, and Moscow. Through affiliates, resellers, and partners, Acumatica is present in the US, Canada, Mexico, UK, Nordics, The Netherlands, Africa, Middle East, India, and Southeast Asia. Sales come exclusively from partners. Thus, the company intends to recruit more partners for high growth markets such as Asia and Latin America. European expansion will focus on a replacement ERP market of aging systems
Point of View (POV): Early success with Acumatica has come from the ease of use and functional footprint that accelerates a partner’s ability to take a solution to market. However, future growth will require the leadership team to increase its investment in brand awareness and partner enablement. Expect key hires in partner sales, support, and R&D. Given the limited number of qualified partners in the market, Acumatica will have to convince partners from competitors to switch. Early indications show this market traction. In fact, since August 2013, Acumatica has added 50 partners, bringing the total to 270.