Cisco Systems-Backed Almaz Capital Russia Fund I Invests in Acumatica

Acumatica, a company which develops an integrated set of web-based accounting, ERP, and CRM software that can be deployed on premise, hosted at a datacenter, or run on a cloud computing platform, received an equity investment from The Almaz Capital Russia Fund I.
As explained by Ezequiel Steiner, Chief Executive Officer of Acumatica, the company is well positioned to help mid-market enterprises safely transition to web and cloud computing technology”.
“The investment from Almaz will accelerate our ability to deliver advanced accounting and ERP solutions on-premise or as SaaS”.
With offices in Silicon Valley and Moscow, Almaz Capital Partners is a venture capital firm that invests in Russian/CIS related technology, digital media, and communications companies. The Almaz Capital Russia Fund was formed in July 2008, when it completed an initial closing with a $30m anchor investment from Cisco Systems.
Commenting on the round, Alexander Galitsky, Co-founder and Managing Partner of Almaz Capital Partners, said: “The investment in Acumatica reflects our ongoing support and professional interest in cloud technologies and associated business opportunities.
“We firmly believe Acumatica has the potential to be a game changer”.
Acumatica, whose products are distributed through a world-wide network of partners has offices in Washington D.C., Jakarta, Moscow and Singapore.

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