Clevest Solutions Inc, a Canadian software provider focused on mobile workforce automation and smart grid operations for utilities, has secured a growth equity financing. The undisclosed investment was led by Accel-KKR, a U.S. technology private equity firm, with participation from Vancouver City Savings Credit Union, an existing investor in the company. Clevest, which has its head office in Richmond, British Columbia, said the deal will facilitate continued investment in innovation and market expansion. Founded in 2002, Clevest reports its mobile platform has created value for more than 150 utility customers worldwide.
Clevest closes growth equity funding led by Accel-KKR to accelerate product innovation and market share growth
July 15th, 2015
Growth equity financing led by Accel-KKR, with Vancouver City Savings Credit Union (Vancity) also participating in this round
The infusion of capital comes at a time of good business momentum for Clevest. The company recently released a new version of its flagship Mobile Workforce Management product, and has achieved widespread customer adoption of its latest product releases.
“Securing equity funding from Accel-KKR, a leading Silicon Valley based private equity firm, is strong affirmation of the growth prospects and market leadership for Clevest,” explained Thomas Ligocki, President and CEO, Clevest. “This is also the second round of financing from financial cooperative Vancity, re-affirming their continued support of our mission to promote environmental sustainability. The combined backing from these partners will allow us to continue to invest in innovation as well as successfully grow and expand our markets.”
“Accel-KKR has a track record of backing market leaders with deep vertical expertise and enterprise technology solutions,” stated Greg Williams, Managing Director, Accel-KKR. “We see significant opportunities for growth based on Clevest’s innovative utility-specific software solutions.”
Clevest’s award-winning mobile platform has created significant value for its 150+ customers worldwide and has generated interest from utilities across the globe – from some of the world’s largest to many rural electric cooperatives. Recent accolades include:
Microsoft Application Innovation Developer Award
Smart Grid Product of the Year Award
Clean Tech Award for Best Smart Energy Solution
Accel‐KKR is a technology‐focused private equity firm with over $2.5 billion in assets under management. The firm invests primarily in software and IT‐enabled businesses well positioned for top‐line and bottom‐line growth. At the core of Accel‐KKR’s investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on building value through significant resources available through the Accel‐KKR network. Accel‐KKR focuses on middle market companies and provides a broad range of capital solutions from minority growth investments to buyouts, recapitalizations, divisional carveouts and going‐private transactions. The firm has offices in Menlo Park, Atlanta and London. For more information visit www.accel‐kkr.com.
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