Date Posted: 11/3/2009
Cisco-Backed Almaz Capital Announces Investment in Acumatica
Investment to accelerate commercialization of Acumatica’s flexible SaaS and on-premise solution which provides an alternative to ERP and CRM software vendors that force a choice between being on-premise-only or SaaS-only.
BETHESDA, MD, November 3, 2009 – The Almaz Capital Russia Fund I, backed by Cisco Systems, today announced an investment in Acumatica. 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.
Acumatica develops web-based accounting, ERP, and CRM software for mid-market enterprises. Unlike traditional systems, 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, Chief Executive Officer of Acumatica. “The investment from Almaz will accelerate our ability to deliver advanced accounting and ERP solutions on-premise or as SaaS.”
About Almaz Capital Partners
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. Additional information about Almaz Capital Partners can be found at www.almazcapital.com.
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Press Contact Info:
Ephraim Cohen
Fortex Group
Phone: 917-215-5413
Website: www.acumatica.com
About Fortex Group
Acumatica develops an integrated set of web-based accounting, ERP, and CRM software that can be deployed on premise, hosted at a datacenter, or run on a cloud computing platform. Using Acumatica, mid-sized businesses can access their applications and documents from anywhere using a web-browser. Acumatica streamlines business tasks such as accounting, financial reporting, customer management, customer invoicing, vendor payments, expense reporting, inventory management, and much more. Acumatica includes a complete set of business applications, reporting tools, and customization tools. Acumatica is distributed through a world-wide network of partners. Learn more at www.acumatica.com.
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