Almaz Capital and Runa Capital, two international VCs with roots in Eastern Europe, exited from Acumatica. This US-based provider of cloud-based ERP software systems has been fully acquired by a leading PE firm EQT. The terms of the deal have not been disclosed.
Almaz was the first investor in the company as early as 2009; Runa joined in a new round in 2013. The company’s other investors were Accel-KKR, Visma, and MYOBand.
Headquartered in Bellevue, Washington, USA, Acumatica is “uniquely positioned to capitalize on the opportunity created by the ERP market’s shift to cloud-based software, thanks to its flexible SaaS model and highly-scalable indirect distribution channels,” stated Almaz Capital.
“The vision of Acumatica founders and the beauty of cloud-offering gave the opportunity to implement the optimization of business processes through ERP in the new industrial verticals over the globe. We have always believed in the success of Acumatica from the very beginning and have been more than happy to support and work with the team in the past 10 years,” stated Alexander Galitsky, Managing Partner of Almaz Capital.
EQT has seen in this acquisition complimentary opportunities with its existing portfolio company IFS. Acumatica and IFS will operate as sister companies with their respective cloud ERP solutions. Acumatica will continue to operate independently.
As noted by GeekWire, a Gartner report from 2018 gave Acumatica the highest score for customer satisfaction among other cloud tech providers, including Epicor, Microsft, Oracle, SAP, Sage, Workday and others.
“The acquisition demonstrates the strength of the region’s robust cloud-based enterprise tech ecosystem. Tableau was just acquired by Salesforce for $15.7 billion; local companies such as Smartsheet, Avalara, and Docusign went public last year,” reminds the online tech publication.
Almaz Capital and Runa Capital exit from US cloud ERP AcumaticaRead More
