KKR to Invest $172 Million in Cherwell Software
Colorado Springs-based Cherwell Software, LLC, a global leader in enterprise service management, recently announced that global investment firm KKR will increase its stake in the company with $172 million through its Next Generation Technology Fund. This is the second KKR outlay in Cherwell (the first was $50 million in 2017) and the largest-ever venture capital investment for Colorado Springs.
“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, a international service management software company based in Colorado Springs, serves more than 1,700 customers in 40-plus countries to enable better, faster, and more affordable innovation. In 2016, Cherwell experienced 35 percent employee growth.
“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.”
Learn more about the newest investment in Cherwell and the company’s high-speed growth.