The market leader in SaaS-based ERP solutions, Kenandy Inc., had announced the closure of US$33 million in Series B financing. The financing round was led by Lightspeed Venture Partners as well as other current Series A investors such as Kleiner Perkins & Byers, salesforce.com and Wilson Sonsini Goodrich & Rosati.

According to Chris Schaepe, Partner at Lightspeed Venture Partners said, "The cloud is rapidly reshaping the enterprise software market. New integrated cloud applications are replacing multiple legacy modules to meet the enterprise market need for rapid, low cost, scalable deployments. Kenandy is at the forefront of this wave, redefining ERP and establishing itself as the leader in SaaS-based enterprise management solutions for global enterprises. This investment reflects a convergence of several trends that Lightspeed has been pursuing for some time, together with an executive team possessing deep domain expertise. We're honored to partner with Kenandy." 

Lightspeed is one of the biggest technology portfolios in the industry of venture capitalism. It has nearly US$2.8 billion in committed capital.