Cherwell Software Secures $50 Million Investment from KKR to Further Advance Service Management Leadership
(Thomson Reuters ONE) -
COLORADO SPRINGS, Colo., Feb. 27, 2017 (GLOBE NEWSWIRE) -- Cherwell Software,
LLC, a leading provider of IT service management (ITSM) solutions, announced
today that it has secured $50 million in funding from KKR, a global investment
firm. KKR is making the investment through its Next Generation Technology Fund,
which focuses on investments in software, security, Internet, digital media, and
information services.
KKR joins existing Cherwell investor, Insight Venture Partners, which has made a
series of investments beginning in 2012. With the support of KKR's funding,
Cherwell will accelerate research and development and make strategic investments
aimed at broadening and deepening its portfolio of IT and enterprise service
management offerings.
Vini Letteri, a member of KKR's Technology, Media & Telecommunications industry
team, will be joining Cherwell's board of managers.
"The IT service management market is a large and rapidly growing sector
undergoing a period of disruption as new, emerging technologies replace older
legacy systems. With IT teams' increasing importance within organizations,
ensuring there is no interruption to IT services and that customer satisfaction
is high are paramount to any business," said Vini Letteri, Director, KKR. "Since
its founding, Cherwell has been entirely customer-centric in its focus and is
led by a seasoned, passionate, and industry-leading management team. Its
platform provides unparalleled value and the ultimate flexibility to its
customers to operate in any industry and in any environment-on premises, cloud,
or hybrid. We are really pleased to partner with them to help accelerate
Cherwell's future growth and leadership in this dynamic industry."
Named by IDC as the fastest growing vendor in its 2015 Worldwide Problem
Management Software Market Shares report, Cherwell has become a force multiplier
for IT organizations that need to become more innovative and agile, while
reducing the total cost of ownership (TCO) of their service management
initiatives. The ITSM market is widely known for expensive, inflexible tools
supplied by vendors whose business practices are characterized by confusing
licensing models and punitive pricing.
Cherwell has driven strong growth in the ITSM market by delivering:
* A codeless platform that enables rapid solution customization and hassle-
free upgrades
* A transparent and straightforward concurrent licensing model, along with
predictable, all-inclusive pricing
* A "customers first" philosophy which has resulted in 98%+ customer
satisfaction rate
"IT teams are increasingly abandoning their legacy service management tools in
favor of powerful, modern, and agile solutions that empower them to confidently
tackle business challenges and opportunities," said Craig Harper, Chief
Executive Officer of Cherwell. "KKR's investment in Cherwell is validation that
our core principles and areas of focus will continue to drive phenomenal growth
and fulfill our goal of being the best service management solution on the
planet."
The KKR investment follows a particularly strong 2016 for Cherwell. 2016
highlights included:
* Record bookings and a record number of new customers, including marquis
brands across transportation, financial services, healthcare, retail,
government, manufacturing, and higher education
* Acquisition of Advanced Marketplace, an IT consulting firm specializing in
development of business solutions for the Cherwell(®) Service Management
platform, signaling Cherwell's commitment to accelerate its delivery of
enterprise service management solutions
* Appointment of Craig Harper as Cherwell's Chief Executive Officer; and
Patrick Malaperiman, Vice President, EMEA
* Establishment of strategic partnerships with Microsoft(®) Azure(®) and
Amazon Web Services (AWS), demonstrating Cherwell's continued commitment to
customer choice through flexible deployment options including on-premises,
SaaS hosted by Cherwell, or hosted on the public cloud-and the ability to
switch any time at no cost
"Cherwell's continued double digit market share growth can be attributed to the
flexible and competitive licensing, deployment, and pricing options of its
platform," said Robert Young, Research Director, ITSM and Client Virtualization
Software, IDC. "Likewise, with the company's recent product enhancements in the
performance and scalability of its platform, as well as public cloud hosting
options and integrations, IDC believes that Cherwell is well positioned to
increase its enterprise adoption and maintain an aggressive growth trajectory."
About Cherwell Software
A global leader in IT and enterprise service management, Cherwell Software
empowers IT to lead through the use of powerful and intuitive technology that
enables better, faster, and more affordable innovation. The Cherwell(®) Service
Management platform is built from the ground up with a unique codeless
architecture that enables rapid time to value, infinite flexibility, and
frictionless upgrades every time-at a fraction of the cost and complexity of
legacy solutions. Because of Cherwell's focus on delivering solutions that are
easy to configure, customize, and use, IT organizations extend the Cherwell
platform to solve a wide range of IT and business problems. With an unwavering
commitment to putting customers first and being easy to do business with,
Cherwell enjoys 98%+ customer satisfaction. Cherwell has a global network of
expert partners serving customers in more than 40 countries. Corporate
headquarters are in Colorado, USA, with global offices in the United Kingdom,
Germany and Australia.
About KKR
KKR is a leading global investment firm that manages investments across multiple
asset classes including private equity, energy, infrastructure, real estate,
credit and hedge funds. KKR aims to generate attractive investment returns by
following a patient and disciplined investment approach, employing world-class
people, and driving growth and value creation at the asset level. KKR invests
its own capital alongside its partners' capital and brings opportunities to
others through its capital markets business. References to KKR's investments may
include the activities of its sponsored funds. For additional information about
KKR & Co. L.P. (NYSE:KKR), please visit KKR's website at www.kkr.com and follow
us on Twitter (at)KKR_Co or #KKRTMTGrowth for related news on KKR's TMT platform.
Media Contact
Christy Vojvodich, Cherwell Software
Phone: +1 (719) 822-4345
Email: media(at)cherwell.com
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Cherwell Software via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 27.02.2017 - 14:05 Uhr
Sprache: Deutsch
News-ID 526805
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contact information:
Town:
Colorado Springs, CO
Kategorie:
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