Cisco-Backed Almaz Capital Invests in Acumatica
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[November 07, 2009]

Cisco-Backed Almaz Capital Invests in Acumatica

Nov 07, 2009 (Close-Up Media via COMTEX) -- The Almaz Capital Russia Fund I, backed by Cisco Systems, announced an investment in Acumatica.

The company said the investment will be used to accelerate commercialization of Acumatica's Software as a Service (SaaS) and on-premise solution, providing an alternative to ERP and CRM software vendors that force a choice between being on-premise-only or SaaS-only.



Acumatica's accounting, ERP, and CRM software for mid-market enterprises is designed as a highly customizable web application with the flexibility to be hosted on-premise, at a datacenter, or on a cloud computing platform. Acumatica's financial features include account structures, multi-currency operations, and support of multiple accounting standards.

"The investment in Acumatica reflects our ongoing support and professional interest in cloud technologies and associated business opportunities," said Alexander (Sasha) Galitsky, Co-founder and Managing Partner of Almaz Capital Partners. "We firmly believe Acumatica has the potential to be a game changer." "Acumatica is well positioned to help mid-market enterprises safely transition to web and cloud computing technology," said Ezequiel Steiner, CEO of Acumatica. "The investment from Almaz will accelerate our ability to deliver accounting and ERP solutions on-premise or as SaaS." Almaz Capital Partners is a venture capital firm that invests in Russian/CIS related technology, digital media, and communications companies. The Almaz Capital Russia Fund was formed in July 2008, when it completed an initial closing with a $30 million anchor investment from Cisco. The firm has offices in Silicon Valley and Moscow.



Acumatica develops an integrated set of web-based accounting, ERP, and CRM software that can be deployed on premise, hosted at a datacenter, or run on a cloud computing platform. Using Acumatica, mid-sized businesses can access their applications and documents from anywhere using a web-browser. Acumatica streamlines business tasks such as accounting, financial reporting, customer management, customer invoicing, vendor payments, expense reporting and inventory management.

((Comments on this story may be sent to newsdesk@closeupmedia.com))

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