KKR to Invest $172 Million in Cherwell Software
April 04 2018 - 7:00AM
Business Wire
Landmark Investment for Colorado
Company in State’s Growing Tech Arena
Cherwell Software, LLC, (“Cherwell”) a global leader in
enterprise service management, announced today that leading global
investment firm KKR 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 of $172 million will be in
addition to KKR’s initial $50 million investment made in Cherwell
in February 2017.
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Cherwell offers software that has enabled thousands of
organizations to modernize their business operations by automating
services digitally. After establishing itself as a leader in the IT
Service Management (ITSM) space, Cherwell is poised to expand into
the service management market, which is estimated to top $30
billion by 2020 (including ITSM, “Low code” and PPM, according to
MarketsandMarkets). As organizations of all sizes seek to connect
disparate digital services and data silos in order to gain more
insight, efficiency and productivity, Cherwell’s platform unifies
the tools that ensure their businesses are as efficient as
possible. Companies, schools, hospitals, and government agencies
all over the world depend on Cherwell’s solutions to manage their
IT operations and, increasingly, achieve digital transformation
across their organizations.
“Since founding this company in 2004, we have committed to
serving customers with intuitive technology that helps not only
drive business but transform organizations,” said Vance Brown,
Cherwell Co-Founder and Chairman of the Board. “The demand for our
platform has continued to expand globally and the leadership at KKR
is aligned with the company’s vision for growth.”
“Cherwell is a leader in its industry known for its
highly-adaptable, high-quality solutions, which enable customers to
transform their service management capabilities. We are thrilled to
further invest in the company, which we believe has enormous
potential for growth,” said Vini Letteri, a Managing Director on
KKR’s Private Equity and TMT Growth team.
Cherwell’s business is expanding rapidly across the globe. The
company has experienced dramatic growth in new customers in the
EMEA and APAC regions as well as in collaboration with leading
industry partners through its Technical Alliance Partnership
program. In addition, nearly 70% of Cherwell’s enterprise customers
have expanded their use of service management beyond IT, deploying
the platform to satisfy a number of needs such as HR, Project
Management, Facilities, and Security. Cherwell has a growing and
engaged customer base including a wide range of active user groups
worldwide, which increased in number by 218% and in customer
attendance by 250% in 2017.
“Cherwell has enabled us to do much more than we initially
anticipated in terms of driving centralized intelligence and
optimized service for our business. 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,” said William J. Weyrick, Director, Information
Systems Division, Dartmouth-Hitchcock.
“Cherwell Software’s evolution into a global technology company
in a little more than 10 years is one of the state's high-tech
success stories," Colorado Governor John Hickenlooper said. "The
innovation and highly skilled jobs this company has produced
demonstrates some of the best of what Colorado Springs and Colorado
has to offer. I’m proud to see Cherwell continue to attract
investment to Colorado and lay the groundwork for even more growth
in the years ahead.”
About Cherwell
Cherwell Software (@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: http://www.cherwell.com.
About KKR
KKR is a leading global investment firm that manages multiple
alternative asset classes, including private equity, energy,
infrastructure, real estate and credit, with strategic manager
partnerships that manage hedge funds. KKR aims to generate
attractive investment returns for its fund investors by following a
patient and disciplined investment approach, employing world-class
people, and driving growth and value creation with KKR portfolio
companies. KKR invests its own capital alongside the capital it
manages for fund investors and provides financing solutions and
investment opportunities through its capital markets business.
References to KKR's investments may include the activities of its
sponsored funds. For additional information about KKR &
Co. L.P. (NYSE:KKR), please visit KKR's website
at www.kkr.com and on Twitter @KKR_Co.
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version on businesswire.com: https://www.businesswire.com/news/home/20180404005377/en/
Media:CherwellAnn Boyd,
719-494-3572ann.boyd@cherwell.comorKKRKristi Huller or Cara Kleiman
Major, +1-212-750-8300media@kkr.com
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