Cin7, a pioneer in cloud-based inventory management software (IMS) and point-of-sale (POS) systems, reports it has agreed to a majority investment from Rubicon Technology Partners.
Rubicon is a US-based private equity firm that invests exclusively in enterprise software companies.
The funding, which is subject to approval from New Zealand’s Overseas Investment Office, will be used to accelerate Cin7’s global growth strategy.
“This investment validates all of the hard work our team has put in to building a market-leading product and delivering best-in-class support to our growing, global customer base,” says Danny Ing, founder and chief architect of Cin7.
We are now doubling-down to reach the global growth we know is possible with a great partner that has the resources, operational expertise and cultural fit to accelerate our growth
“We are now doubling-down to reach the global growth we know is possible with a great partner that has the resources, operational expertise and cultural fit to accelerate our growth," says Ing, in a statement.
Cin7 helps businesses optimise inventory, lower costs and maximise cash flow by providing a single platform to automate the sale, purchase and delivery of products across multiple distribution channels.
“With the most comprehensive, easy to use and swift-to-implement inventory management software product on the market, Cin7 is ready to become the clear leader in the global IMS market,” says Jason Winsten, partner at Rubicon.
“The company has built a highly differentiated IMS solution that solves a critical and complex problem for growing merchants selling their products through multiple online and offline channels,” adds Winsten.
“Cin7’s proven ability to capture global market share provides a strong foundation for continued growth, which we plan to aggressively accelerate with our investment in and partnership with the Cin7 team.”
We have an ambition to become the world’s number one inventory management software and this investment provides us a great opportunity to do that
Ing founded Cin7 in 2012, and grew the company from a regional tech startup with 12 employees, to a staff of 140 working with customers across the globe.
David Leach, chief operating officer at Cin7, says the company will provide more career opportunities in the local ICT sector as it looks to further grow the team in Auckland.
“We have an ambition to become the world’s number one inventory management software and this investment provides us a great opportunity to do that,” says Leach, who has held executive roles in fast-growing SaaS companies including Orion Health and Qrious.
The same principles from those firms on accelerating growth apply at Cin7, he says: “Think globally and believe in your capabilities. Recognise that speed and efficiency can enable a little software company in New Zealand to grow to be a large global force.”
Sign up for CIO newsletters for regular updates on CIO news, career tips, views and events. Follow CIO New Zealand on Twitter:@cio_nz
Send news tips and comments to firstname.lastname@example.org @divinap
Join the CIO New Zealand group on LinkedIn. The group is open to CIOs, IT Directors, COOs, CTOs and senior IT managers.