Cherwell Software, LLC, a Colorado Springs, CO-based provider of enterprise service management solutions, received a $172m investment from global investment firm KKR.
KKR will take a larger stake in the company through its Next Generation Technology Fund, which focuses on investments in software, security, Internet, digital media, and information services. This latest investment of will be in addition to KKR’s initial $50 million investment made in Cherwell in February 2017.
The company intends to use the funds to to expand into the service management market, which is estimated to top $30 billion by 2020 (according to MarketsandMarkets).
Cherwell offers software that enables companies, schools, hospitals, and government agencies all over the world to modernize their business operations by automating services digitally. After establishing itself as a leader in the IT Service Management (ITSM) space, the company aims to expand into the service management market.