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EQT Acquires Acumatica - a US-based 'Cloud-native' ERP Software Vendor - In Connection with its Existing IFS InvestmentSTOCKHOLM, June 19, 2019 /PRNewswire/ --
The EQT VII fund ("EQT" or "EQT VII") has entered into agreements to acquire Acumatica (or "the Company") from its founders, management and other minority investors. Existing shareholders and management will re-invest significantly into the Company, while EQT will have majority ownership. Headquartered in Bellevue, Washington, US, Acumatica is a fast-growing software as a service ("SaaS") company, serving customers with true cloud Enterprise Resource Planning ("ERP") solutions. Through its ERP platform, Acumatica helps customers streamline and automate processes, manage and control inventory in real-time and increase productivity. The Company's software is delivered via the cloud and is accessible from any location, on any device. The acquisition was made through the same EQT VII holding company, which currently owns leading ERP software vendor, IFS. Going forward, Acumatica and IFS will operate as sister companies, serving the market with complementary cloud ERP solutions. Acumatica will focus on small to medium sized businesses while IFS will continue to focus on larger enterprise customers. The two companies are expected to benefit from cross-pollination of R&D capabilities and a synergistic geographic and end-market footprint. At the same time, Acumatica will continue to operate as an independent company, led by CEO Jon Roskill, with a focus on accelerating its strong growth momentum, customer satisfaction and channel-only go-to-market strategy. Johannes Reichel, Partner at EQT Partners and Investment Advisor to EQT VII, commented: "Acumatica perfectly fits EQT's thematic investment approach and will strongly benefit from EQT's long experience in developing companies in the software sector. The transaction also forges a strategic relationship between Acumatica and IFS - two of the fastest-growing ERP vendors globally. These two companies are best-in-class challengers and together they are well-positioned to serve the entire ERP market, from small and medium, all the way to large enterprises, n a global scale. EQT is very excited to back Jon and the greater leadership team at Acumatica." Jon Roskill, CEO of Acumatica, said: "This move provides exceptional validation of Acumatica's market execution and growth in the last several years. Greater investment from EQT will unlock new opportunities for us to better serve our customers and secure a stronger future for Acumatica. To compound this potential, is the access to, and collaboration with, ERP industry leader and fellow EQT portfolio company, IFS." Darren Roos, CEO of IFS, said: "I am excited about the enormous potential the IFS and Acumatica businesses have being part of the same portfolio. Our ability to add value to each other's customers and partners will accelerate value creation across both companies. I am a huge admirer of what Jon has achieved and look forward to being part of the next chapter of Acumatica's story." Serguei Beloussov, CEO of Acronis, Founder and Chairman of Acumatica said: "Acumatica has built one of the leading cloud platforms in the world since we founded the business in 2006, testament to the founding team's expertise in building cloud platforms, as also reflected by the success of Acronis' Cyber Protection platform. EQT's investment will allow Acumatica to focus on achieving its goal to become the global market leader in the cloud ERP market and continue to accelerate its xRP platform development to better support to its current and future ISVs and OEMs." Financial details of the transaction were not disclosed. The proposed transaction is subject to customary regulatory approvals. Jefferies acted as financial advisor and Kirkland and Ellis LLP acted as legal advisors to EQT VII. GCA acted as financial advisor to Acumatica and Willkie Farr & Gallagher as legal counsel. Contacts About EQT More info: www.eqtpartners.com About Acumatica More info: www.acumatica.com About IFS More info: www.IFSworld.com Follow us on Twitter: @ifsworld This information was brought to you by Cision http://news.cision.com |