ACL Services Ltd. is taking a $50-million investment from an American venture capital firm to fund its growth.
The investment from Norwest Venture Partners announced on December 19 will go towards research and development, and sales and marketing at the Vancouver-based software company.
Other companies in Norwest’s portfolio include music-streaming service Spotify and ride-hailing service Uber.
ACL specializes in software that helps organizations combat fraud.
“Today’s announcement is validation of the transformation we have already driven and a strong vote of confidence in our belief that we are best positioned to dominate the massive and underserved market for risk and performance management software,” ACL president and CEO Laurie Schultz said in a statement.
ACL is the 11th largest software firm in B.C. based on the company headcount.