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TMCNet: Almaz Capital invests in Acumatica

[November 04, 2009]

Almaz Capital invests in Acumatica

(Corporate IT Update Via Acquire Media NewsEdge) Venture capital firm The Almaz Capital Russia Fund I, backed by Cisco Systems (Nasdaq:CSCO), announced on Tuesday an investment in Acumatica, a developer of web-based accounting, ERP and CRM software.



The exact value of the investment was not disclosed.

The investment will be used to accelerate commercialisation of Acumatica's accounting, ERP and CRM software, designed as a customisable web application that can be hosted on-premise, at a datacenter or on a cloud computing platform.

The investment in Acumatica reflects Almaz Capital's ongoing support and professional interest in cloud technologies and associated business opportunities, the company said.

((Comments on this story may be sent to tww.feedback@m2.com)) (c) 2009 M2 COMMUNICATIONS

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