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Cherwell Software gets USD25m funding from Insight Venture Partners.


28 November 2012 - US Cherwell Software Inc said it had completed a USD25m (EUR19.4m) minority equity investment from venture capital firm Insight Venture Partners.

The company, which specialises in IT service management software for enterprises, will use the funds to speed up the growth of its channel sales programme internationally and to enhance the capabilities of its IT Services Management (ITSM) platform by building additional applications and services.

Under the terms of the deal, Richard Wells, managing director at Insight Venture Partners, will become a member of Cherwell Softwarea[euro](tm)s board of directors.

Cherwell Software has corporate headquarters in Colorado Springs, Colorado, and Wootton Bassett, UK, and a global network of expert partners. Its customers include BE Aerospace Inc (NASDAQ:BEAV), City of Scottsdale, The Weather Channel, Munich Airport and the University of New Mexico. Over the past three years, Cherwell Software quadrupled revenues and generated strong profit margins, the company said.Country: USASector: Computer SoftwareTarget: Cherwell Software IncBuyer: Insight Venture PartnersDeal size in USD: 25mType: VCStatus: Closed

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Publication:M & A Navigator
Date:Nov 28, 2012
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