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Clevest Solutions Closes Major (8 Figure) Growth Equity Financing Led by Private Equity Firm Accel-KKR
Thursday, July 16, 2015Company Profile | Follow Company
Vancouver, BC, July 16, 2015--(T-Net)--Clevest Solutions Inc., a leading provider of mobile workforce automation software including smart grid operations - announced today that it has raised growth equity financing led by private equity firm Accel-KKR, with Vancouver City Savings Credit Union (Vancity) also participating in this round.
Specific terms of the financing have not been released, but company officials have indicated to T-Net that the financing is a major "8 figure" growth equity financing round (i.e. north of $10 million+, somewhere between $10M to $99M).
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:
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Editor's Note: The company is also currently hiring for a number of sales, product marketing and development related positions on T-Net. See their current open positions here or view their Company Profile to learn more about this company.
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About Clevest
Clevest provides software for mobile workforce automation and smart grid operations exclusively for electric, gas and water utilities. Over 150 utilities worldwide have chosen Clevest to transform their field operations by harnessing the power of our software and deep domain knowledge of mobile computing and utility operations. Clevest's award-winning platform powers a product suite that includes mobile workforce management, real-time automated vehicle location, meter reading solutions and patent-pending configuration technology, as well as the only complete solution for smart grid deployment operations and maintenance activities. For more information visit www.clevest.com
About Accel-KKR
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, please visit www.accel-kkr.com.
Media Contact
Sharon Parker, Marketing Communications Manager
sharon.parker@clevest.com
Tel: (604) 214-9700 x271
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