Cherwell Software Gets $25M For IT Software

Colorado Springs-based Cherwell Software, a provider of IT service management software, said this morning that it has raised $25M in a minority equity investment round. The round came from Insight Venture Partners. Cherwell said the new funding will be used for growth capital, and to grow its channel sales and build new applications. Richard Wells of Insight Venture Partners joins the company's board as part of the funding. Cherwell is headed by Vance Brown. Cherwell's software is used by such customers as The Weather Channel, the City of Scottsdale, the University of New Mexico, and others to manage their IT services efforts. More information »