Cherwell Software Raises $25 Million from Insight Venture Partners to Support Rapid Growth
November 27, 2012 - Colorado Springs, CO.
Cherwell Software, a fast growing provider of a flexible IT Service Management Platform that empowers IT to support business functions, announced today the closing of a $25 million minority equity investment from Insight Venture Partners. Cherwell Software will use the growth capital to accelerate growth of its channel sales program globally and to build additional applications and services to broaden the capabilities of its innovative IT Services Management (ITSM) platform. As part of the transaction, Richard Wells, managing director at Insight Venture Partners, will join Cherwell Software’s Board of Directors.
“We are excited to welcome Insight Venture Partners to our team,” said Vance Brown, chief executive officer and co-founder of Cherwell Software. “Cherwell’s goal is to put customers first: to listen to and to meet their needs, to provide quality products and to deliver extraordinary customer care. With Insight’s capital and its expertise working with fast-growth software companies, we will be able to achieve our customer and product goals more quickly to become the pre-eminent ITSM platform in the industry.”
Cherwell Software provides a SaaS-based and on-premises IT Service Management software platform to enterprises around the world. In 2012, Gartner’s Magic Quadrantrecognized Cherwell Software in the IT Service and Support Management Tools market, and Forrester Research has recognized Cherwell as an “emerging leader”. The company has an impressive list of customers including BE Aerospace, City of Scottsdale, The Weather Channel, Munich Airport and the University of New Mexico. Cherwell Software has quadrupled revenue and generated strong profit margins in the past three years.
“Cherwell Software represents a winning value proposition that Insight has seen succeed time and again: a world-class product that is cost-effective and easy to use,” said Richard Wells, managing director at Insight. “Its IT customers and partners are strong advocates of Cherwell’s ITSM platform as well as the dedicated support they receive. Insight was attracted to the management team’s vision and the company’s strong momentum, particularly as awareness of Cherwell spreads across the ITSM market. Insight invested to provide growth capital for Cherwell to win in the market.”
Cherwell is committed to exceptional customer care and creating a company that will stand the test of time. With this new capital, the company plans to continue building Cherwell Software as the premiere service management platform solution for mid-market and enterprise companies – via growing a strong ecosystem of channel partners in the United States and internationally, as well as increasing the capabilities and breadth of the ITSM platform.
About Insight Venture Partners
Insight Venture Partners is a leading private equity and venture capital firm investing in software, eCommerce, internet and data-services companies. Founded in 1995, Insight has raised more than $5 billion and made more than 150 investments worldwide. Our mission is to find, fund and work successfully with visionary executives who are driving change in their industries. We provide them with practical, hands-on growth expertise to foster long-term success. For more information, visit insightpartners.com
About Cherwell Software
Cherwell (@Cherwell) empowers organizations to transform their business through the rapid adoption and easy management of digital services. Cherwell’s adaptable platform has enabled thousands of organizations to modernize their business operations with customizable service management, automation, and reporting across the enterprise. For more information, visit: https://www.cherwell.com.