Cherwell Software, a provider of an IT service management platform, has closed a USD25m minority equity investment from Insight Venture Partners.
Cherwell Software will use the growth capital to accelerate growth of its channel sales programme globally and to build additional applications and services to broaden the capabilities of its 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," says 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. The company’s customers include BE Aerospace, City of Scottsdale, The Weather Channel, Munich Airport and the University of New Mexico.
"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," says Wells. "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."
