Moscow and Silicon Valley-based venture capital fund, Almaz Capital Russia Fund I has made an investment in Acumatica, a web-based accounting, ERP and CRM software vendor, the company announced on its web-site. According to business newspaper Vedomosti, Almaz Capital invested several million dollars in exchange for about 20% stake in Acumatica.
Acumatica, which launched its brand and web-site in October 2008, is incorporated in the US and has software development operations in Russia. The Acumatica technology was initially developed as a project of virtualization and automation software vendor Parallels. Serguei Beloussov, venture partner at Almaz Capital and CEO of Parallels, owns a stake in Acumatica, he told to the newspaper.
Almaz Capital Russia Fund I was formed in July 2008, when it completed an initial closing with a $30 million anchor investment from Cisco.