Printer Friendly

Cherwell Software gets USD25m funding from Insight Venture Partners.

MANews-(C)2009-2012

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

COPYRIGHT 2012 Normans Media Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2012 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:M & A Navigator
Date:Nov 28, 2012
Words:174
Previous Article:Kirby Corp to take over Penn Maritime in USD295m deal.
Next Article:National Grid to pour USD40m into Clean Line Energy.
Topics:

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters