Business management software developer Acumatica has netted $25m in its Series C funding round led by Accel-KKR.
The investment also saw commitments from unnamed existing backers.
Washington-headquartered Acumatica is a suite of integrated business management applications for financials, project accounting, commerce, manufacturing, field service and CRM. The platform, which was built on cloud and mobile technology, helps companies with online accounting, inventory and financial management, business intelligence and cash flow tracking.
The company recently launched its construction edition, which is a construction accounting software to improve margins and project controls on home, multi-family, commercial, mixed-use, land development and government projects.
Through this capital line, the company will continue its growth and bolster the development of its AI, machine learning, cloud and SaaS technology.
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.”
This deal marks Accel-KKR sixth in the FinTech space this year. Most recently, the firm acquired financial information company Sageworks for an undisclosed amount. The company provides US financial institutions with software and information products. Sageworks offers solutions for lending, credit risk, banking, advisory and portfolio risk.
Other investments made by the firm in the sector this year include a majority investment into Insurance Technologies Corporation, a debt facility to business management solution Kerridge Commercial Systems and the acquisition of non-profit fundraising platform Salsa Labs.
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