Vancouver tech company ACL has received a $50-million “strategic investment” from a Silicon Valley firm, the company announced today.
In a release, the company said the investment – led by the by the growth equity team at Norwest – will “be used to accelerate the company’s consolidation of the $36 billion integrated risk and performance software market.”
As a privately held, self-funded business, this is the first time in ACL’s history that it has taken an outside capital investment.
ACL currently has a global customer base of more than 7,000 people, across 140 countries.
“Today’s announcement is validation of the transformation we have already driven and a strong vote of confidence in our belief that we are best positioned to dominate the massive and underserved market for risk and performance management software,” said Laurie Schultz, president and CEO of ACL.
Norwest, Schultz added, “shares our focus on driving success through a balanced focus on employees, customers and financials, all enabled by a strong corporate culture.”
“ACL is the world’s largest pure play multi-tenant SaaS GRC provider,”said Robert Arditi, partner at Norwest. “Modern product design, a big data analytics engine, and deep subject matter expertise clearly set the company apart.”
ACL is an eight-time winner of the GRC 20/20 GRC Technology Awards in categories ranging from technology innovation to user experience to customer value realization.