Acumatica targets legacy project accounting software in update to cloud-based ERP technology
Acumatica, the privately held enterprise cloud technology company, is rolling out integrations with Smartsheet’s project and work management tools and Adobe’s Sign eSignature technology as part of the latest version of its flagship cloud-based enterprise resource planning (ERP) software.
Acumatica 2017 R2, announced today, also includes a new user interface, performance improvements, and a new Manufacturing Edition, among other features and capabilities. Updates to Acumatica’s project accounting features, in particular, should help company better compete with software vendors such as Microsoft Dynamics SL (formerly Solomon), Sage and Epicor, said Jon Roskill, Acumatica CEO.
“Acumatica and its partners now believe we’re going to be able to go after what we believe is a base of tens of thousands of legacy on-premise project accounting customers with this new offering,” said Roskill, who was previously vice president of Microsoft’s Worldwide Partner Group.
The upgrade comes at a time of heightened interest in Acumatica’s area of the enterprise technology world. Oracle acquired NetSuite last fall for $9.3 billion, and Sage Group bought enterprise accounting technology company Intacct for $850 million in July. Acumatica, which employs more than 200 people, announced its last round of venture funding in 2014, when it raised $13.3 million, bringing its total funding to about $30 million.
The company considered raising another round of funding but ended up generating significant revenue instead through international distribution deals with major technology vendors abroad, including an agreement with German software vendor Lexware and an updated agreement with Visma in Northern Europe.
As part of today’s release, the new integrations with Smartsheet and Adobe take advantage of the Open API 2.0 specification, which is newly supported in Acumatica as of this latest release.
In the case of Smartsheet, the functionality is bi-directional, allowing users to create a Smartsheet project from within Acumatica or create a project in Smartsheet that integrates with Acumatica’s functionality. Both Acumatica and Smartsheet are based in Bellevue, Wash.
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