A wide response followed the announcement that Kimble has secured significant investment from a Silicon Valley-based technology investment firm. “Kimble fuels growth rocket with Accel-KKR“, reported the Enterprise Times, while shareholder Richard Holway in TechMarketView thanked the Kimble team, writing that it has become “the best five-year investment” he has ever made.
ET quoted CEO Sean Hoban on the undisclosed amount which he described as: “more than sufficient additional working capital to deliver a step change in market presence, sales and customer success capacity, and product engineering bandwidth.”
“Kimble’s growth has been organic, often through referral,” continued the ET. “It has one of the leading PSA solutions in the market. A fact recognized by G2 Crowd who placed it as a leader in the sector and noted they had the highest customer satisfaction score. Greg Williams, Managing Director at Accel-KKR and now a Non-Executive Director of Kimble commented: ‘Kimble is an innovative, fast-growing leader in the PSA software space. With best in class feature functionality and a history of high customer satisfaction, we believe the company is poised for continued success over the next several years.’ ”
Writing in TechMarketView, Kimble shareholder Richard Holway welcomed the investment in a piece entitled “A Personal Note“. Describing his past involvement with the team who co-founded Kimble, he wrote: “Usually when an exit opportunity arises it is an ‘all or nothing’ decision. I’ve often felt that was wrong. Wouldn’t it be so much better for founders, in particular, if they could sell a part of their shareholding – providing some personal financial security – whilst continuing to participate in managing the future growth of the company? So I was delighted that the Accel KKR deal did just that.” He added: “it has become the best 5-year investment I have ever made. So I have a lot to thank… the Kimble team for.
In the same publication, under the headline “Investment primes Kimble for even more growth“, analyst Angela Eager concluded: “PSA demand is strong in the US and Canada, something Kimble aims to capitalize on by using the funds to support expansion in the region (as well as in Europe and new geographies), plus further investment in product development. The combination of former consultants developing for the needs of current consultants, while leveraging the technology and network effect of the Salesforce platform has certainly worked well for Kimble. We’ll keep watch as it enters the next phase of its development.”
The announcement was also reported in a number of finance and technology titles such as the widely-read Business Insider title ‘Markets Insider“; Finmes: “Kimble Applications Secures Funding from Accel-KKR”; PE Hub: “ Accel-KKR invests in Kimble Applications”; DLA Piper DLA Piper Advises Accel-KKR on its investment in Kimble Applications