Kimble Applications, a provider of professional services automation (PSA) software and a Salesforce cloud partner, has attracted funding to fuel its expansion plan.
The majority of the cash influx comes from Accel-KKR, a Silicon Valley technology-focused investment firm. The money will be put towards product development and marketing initiatives in the U.S. and Canadian markets, the company said.
The exact amount of the investment was not disclosed, but it has been called “significant.” In addition to the contribution, Greg Williams and Maurice Hernandez of Accel-KKR join Kimble’s board in non-executive director roles, the company said.
Kimble’s SaaS-based PSA software is built on the Salesforce Platform. The company bills itself as the first PSA software to integrate augmented intelligence into its analytics, which allows customers to identify patterns in performance data and recommend likely remedies. The platform also allows customers to easily integrate CRM and enterprise resource planning applications like HR and finance.
The London-based company began operating seven years ago and last raised funds in 2015. Kimble’s founder and CEO, Sean Hoban, says that the firm’s team is built around former consultants, which gives it “a better understanding of our customers’ business needs: balancing resource demand and supply, disciplined commercial project management, and financial predictability.”
Greg Williams, managing director at Accel-KKR says the investment firm was attracted to Kimble’s history of customer satisfaction, high functionality, and overall growth within the PSA software space. The firm says the investment will be used to drive additional innovation and grow Kimble’s footprint in Europe, North America, and new geographies.
According to its own numbers in the last year, Kimble has seen more than 50 percent of its new product revenue come from U.S. and Canadian-based companies. With revenues reaching about US$7.1 million in 2016, the company was listed amongst the 100 fastest-growing private technology businesses in Britain. Customers include bigger names like Canon and Tata Consulting Services.
PSA Software for MSPs, Salesforce & More
The PSA software market will reach about $14.39 billion by 2022, up from $6.26 billion in 2014, according to Grand View Research. Within the MSP and IT services provider markets, ConnectWise and Datto's Autotask business are widely considered the market leaders, with platforms like Kaseya BMS, Atera, Harmony PSA and dozens more carving out their own niches.
The Salesforce ISV ecosystem is particularly active with emerging and established PSA providers, mostly because of Salesforce's massive installed base and application marketplace, as well as the natural link between CRM and PSA services. In addition to Kimble Applications, key PSA providers in the Salesforce market include FinancialForce (extending into cloud ERP) and Krow Software.
Salesforce Partner Investments
Meanwhile, all types of Salesforce partners -- ISVs, IT consulting firms, MSPs, etc. -- have been attracting strategic buyers, PE firms, and other types of investors. Noteworthy deals include:
- Pamlico Capital investing in platinum cloud consulting partner Silverline for an undisclosed amount early this year.
- Simplus raising $9.3 million and acquiring its fourth Salesforce partner in December 2017.
- BV Investment Partners acquiring Apps Associates, an Oracle, Salesforce, SAP and NetSuite partner, in December 2017.
- Capgemini acquiring Lyons Consulting Group, a 300-person Salesforce partner, in September 2017.
- Accenture acquiring Phase One, its seventh Salesforce partner acquisition, in June 2017.
Additional insights from Joe Panettieri.