FinancialForce.com, a US-based provider of enterprise resource planning (ERP) software, has secured $50m in funding from private equity group Advent International as part of a larger investment in FinancialForce’s parent company, UNIT4.
FinancialForce creates ERP software that is built on a platform developed by cloud computing software company Salesforce.com, which is also a shareholder in the company.
UNIT4 will remain the majority shareholder in FinancialForce while Salesforce, which provided an undisclosed amount of funding for FinancialForce when UNIT4 spun it out in 2009, will remain a minority shareholder. FinancialForce had previously raised $7.6m in equity and $26.3m in convertible debt, with Salesforce contributing each time.
FinancialForce will use the money to expand its product offering, while also increasing investment in product development, sales, marketing and customer support.