Canton-based Patriot Software Co. has opened an investment round for the sale of up to $20 million of common stock in addition to private subordinated lending. Investment in the Software as a Service company is being offered only to accredited investors.

Patriot is raising the funds to increase marketing and development, and for further expansion.

“Our track record speaks for itself,” Patriot Software Founder and CEO Michael Kappel said in a statement. “We have grown our customer base 89 months in a row and have invoiced over 15,000 customer accounts in May 2018. Our two-year compound annual growth rate in revenue is 183 percent. Best of all, our cloud-based SaaS model has allowed us to accomplish this growth by attracting small businesses with 1 to 100 employees without employing a salesforce.”

Chief Legal Officer Michael A. Wheeler said in a statement that the company explored various financing opportunities, including a limited initial public offering of securities on Nasdaq under Regulation A+ of the JOBS Act, but decided that remaining private would enable the company to focus on its long-term growth strategy rather than on short-term results without incurring the costs associated with being a public company.

He said the company launched an equity private placement offering under Rule 506(b) with certain institutional and accredited investors of its common stock, which completed in November 2017.

“In the private placement, Patriot Software sold over $8 million of common stock, led by an Ohio-based institutional investor, at a conversion price of $16.81 per share,” Wheeler said.