ToolsGroup, a Boston, MA-based provider of planning software for companies, secured a growth equity investment from Accel-KKR.
In addition to the minority shareholder investment, Accel-KKR Principal Joe Porten and supply chain software industry expert Ross Elliot will join ToolsGroup’s board of directors.
The company wil use the funds to grow in the $4 billion Supply Chain and Integrated Business Planning (IBP) market and extend its lead in AI, machine learning and Cloud/SaaS technologies for supply chain planning applications.
Led by Joseph Shamir, founder and CEO, ToolsGroup provides companies with SaaS planning software spanning demand forecasting, demand sensing, multi-echelon inventory optimization, and S&OP. The company has deployed software in 46 different countries. Manufacturers, distributors, and retailers such as Harley-Davidson, Absolut Vodka, and Luxottica use the company’s solutions.