ACL president and CEO Laurie Schultz
ACL accepts $50-million strategic investment from Norwest Venture Partners
ACL Services Ltd., a Vancouver-based software-as-a-service (SaaS) provider that helps governments and some of the world’s largest companies manage risk and avoid fraud, just revealed that it has taken its first investment.
And what an investment it is. ACL will put the $50 million from U.S. venture capital firm Norwest toward research and development, as well as sales and marketing.
“We are already a fast-growing company, having doubled our SaaS GRC (governance, risk management and compliance) business in each of the last five years and sought an investment partner able to support and accelerate our vision,” ACL president and CEO Laurie Schultz said in a statement.
Clearly, Schultz has been following her own advice.
More than 7,000 customers in 140 countries work with ACL, according to the press release announcing the deal. Norwest, one of the largest investment firms in Silicon Valley, manages about US$6 billion and has allocated to more than 600 companies.