Cherwell Software expects to extend its leadership in the global service management software space following a significant cash boost.

The $172 million of funding comes from KKR, the investment firm which already poured $50 million into Cherwell Software in February 2017. 

The spending underlines KKR’s confidence in Cherwell to capture an even larger portion of a service management technology market that will be worth $30 billion by 2020 according to MarketsAndMarkets. 

One of the reasons why Cherwell has been so successful is that it has turned the promise of Enterprise Service Management into reality. Cherwell says that 70% of its customers are already using its products beyond the IT sphere, managing business functions such as HR, project managem, nt and facilities.  This dynamic, plus a strong global alliance programme and collaboration between customers via a vibrant user group community, is helping elevate Cherwell beyond many of its competitors.

“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 of Vini Letteri of KKR. 

Author Bio:
James West

James West

Editor, SITS Insight

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