Tuesday March 7, 2017 0 comments
COLORADO SPRINGS -- Cherwell Software LLC, a leading provider of IT service management (ITSM) solutions, announced it secured $50 million from KKR, a global investment firm.
Cherwell said 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 KKR’s funding, Cherwell said it will accelerate R&D 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,” said Letteri.
“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. 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 said it 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.
Cherwell said the ITSM market is known for expensive, inflexible tools supplied by vendors whose business practices are characterized by confusing licensing models and punitive pricing.
“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, Cherwell CEO.
“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.”
“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.”
Cherwell also announced the appointment of Steve Rodda as chief product officer.
“Steve joins us with a distinguished product development and product management background, including extensive experience with IT service management [ITSM] and related IT operations products,” said CEO Harper.
"Continued focus on Cherwell's products is key to our future success, and I'm confident that Steve will further our mission to deliver the best service management solutions on the planet."
Rodda has served in a variety of leadership roles relating to product development and strategic business planning. At LogicNow, a cloud-based ITSM solution provider for managed service providers (MSPs), he led the MaxFocus development team, as well as the team that built AppControl, a cloud services management console.
Prior to that, Rodda served in key development roles at Webroot, Stanfield Systems, Jel, and Deloitte. With more than 17 years of experience, Rodda’s leadership and ability to establish strategic business priorities, as well as his knowledge of product development and engineering, is a strong match for Cherwell’s drive to create customer-friendly, innovative service management solutions.
“Cherwell is known throughout the industry as a leader in service management,” said Rodda. “I’m thrilled to work with Cherwell’s product team to develop the next generation of ground-breaking technology, so our customers can continue advancing their service management maturity and practices, and seize upon everything the future of ITSM has to offer.”