Acumatica’s Chief Strategy Office Ajoy Krishnamoorthy announced today via LinkedIn that he is leaving for a new opportunity after 7.5 years with the company. His last day will be May 6, 2022.
Krishnamoorthy was the companies Chief Strategy Officer and EVP of Products for the past 1.5 year. Prior to that he was the VP of Platforms & Technology for 6 years. He had worked at Microsoft for 9 years and left to join Acumatica about six months after Jon Roskill left Microsoft to become Acumatica CEO.
This departure comes on the heels of the February 2022 announcement of CEO Jon Roskill moving to a Senior Advisor role at the company and the onboarding of John Case as the company’s new CEO.
In October 2021, Geoff Ashley, VP Partner Strategy and Programs departed. Ashley was replaced by CJ Boguszewski during April 2022.
Acumatica was founded in 2008 and had been privately held by a small group of investors until its sale to private equity firm EQT in June 2019. At the time, then-CEO Roskill stated that goal was to form a powerhouse group of enterprise resource planning companies which would surpass $1 billion in annual revenues within three years.
While the company hasn’t disclosed their revenues, they do discuss the number of Acumatica users. These user counts may include white-labeled versions of Acumatica which are resold by other companies under a different brand.
Just How Large Is The Acumatica User Base?
Based on blog posts from Acumatica which typically follow each of their Summit conferences, here is their customer growth. These numbers may include white labeled versions of Acumatica.
2008 – Acumatica is founded in November 2008
2010 – Acumatica Distribution released
2011 – Not announced ( partner only conference )
2012 – Not announced ( partner only conference )
2013 – Not announced ( partner only conference )
2014 – 1,000 customers announced ( partner only conference ) – Roskill joins as CEO
2015 – Not announced ( partner only conference )
2016 – 2,000 customers ( 100%) ( first year customer conference )
2017 – Not announced
2018 – 4,000 customers worldwide ( 100% )
2019 – 5,200 customers ( 30% ) ( EQT acquires Acumatica )
2020 – 6,500 customers ( 25% )
2021 – 8,000 customers ( 23% ) John Case joins as CEO March 1, 2022
What’s Next for Acumatica
Acumatica has grown through their channel partners who discovered the solution at the same time many of their customers were asking for cloud-based solutions that existing legacy offerings had trouble fulfilling.
With the addition of private equity to the mix, I expect to see a further push toward growing revenues with an eye toward either IPO or eventual sale. Until then there will likely be some shifting of strategy as the company moves toward a more mature operating framework and away from the startup culture of the past.