A round of investment in 2011 was led by Visma, a portfolio company of Kohlberg Kravis Roberts & Co., who followed a 2009 infusion by Cisco Ventures-backed Almaz Capital. There has been a noticeable inflow of money into cloud products with Xero recently raising $150 million and Paychex making an equity investment of undisclosed size in another low-end accounting vendor, Kashoo. Also on the low-end, Bill.com just raised $38 million. Software is alive and well.
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ACUMATICA RAISES $10 MILLION
Cloud vendor Acumatica has raised $10 million in a third round of funding. The Kirkland, Wash.-based company says it wants to reach $1 billion in less than 10 years. I would think that its calling this an ambitious growth plan is conservative. The latest round was led by Runa Capital and Almaz Capital. CEO Yury Larichev said the new money would accelerate its work with the channel, along with supporting its product road map. Larichev dropped one very interesting point into the prepared statement, which was that, "We do not need more funding because we are already making money."
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