Cherwell Software, a provider of enterprise service management solutions, has landed a $172m investment from global investment firm KKR.
KKR said it will take a larger stake in the company through its Next Generation Technology Fund, which focuses on investments in software, security, Internet, digital media, and information services. This latest investment will be in addition to KKR’s initial $50m investment made in Cherwell in February 2017.
The Colorado Springs, CO-based company offers software, which it claims enables thousands of organisations to modernise their business operations with customisable service management, automation, and reporting across the enterprise. Its platform empowers users to build advanced IT workflows and IT asset tracking solutions to support your internal IT users as well as creating business workflow applications for HR, facilities, risk & compliance, marketing and product management. It intends to use the funds to expand into the service management market, which is estimated to top $30bn by 2020 (according to MarketsandMarkets).
“Cherwell is a leader in its industry known for its highly-adaptable, high-quality solutions, which enable customers to transform their service management capabilities,” said Vini Letteri, a managing director on KKR’s private equity and TMT growth team. “We are thrilled to further invest in the company, which we believe has enormous potential for growth.”
The company provides its service to the finance, higher education, healthcare, retail, government, and manager service providers industries. Cherwell claims to support financial institutions in reducing unplanned downtime, improve security & compliance, integrate with key technologies, and enjoy flexible licensing & deployment.
Its native security features empower financial organisations to standardise and improve adherence to key regulatory requirements that protect consumer privacy and confidential data. In the finance sector, its client roaster includes Ent Federal Credit Union, AgriBank and Banco da Amazonia.
“Cherwell has enabled us to do much more than we initially anticipated in terms of driving centralised intelligence and optimised service for our business,” said William Weyrick, director, information systems division, Dartmouth-Hitchcock.
“We have seen an increase in service application across our organization with more than 50% of service tickets coming in through Cherwell now outside of IT. The Cherwell platform was not only able to be customized for our particular needs in healthcare, but it can grow with our needs, which is vital as we look to drive innovation and continuous improvement.”
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