Verint Systems has completed its acquisition of KANA Software, an Accel-KKR portfolio company, for $514.2 million in cash. Accel-KKR invested in KANA Software in 2009.
Accel‐KKR, a technology‐focused private equity investment firm, today announced that Verint® Systems Inc. (NASDAQ: VRNT) has completed its previously announced acquisition of KANA Software, Inc., a portfolio company of Accel-KKR, for $514.2 million in cash.
“Accel-KKR was an extraordinary partner to the KANA management team following the acquisition that brought the company private in December 2009,” said Mark Duffell, KANA’s CEO. “Accel-KKR did what they said they were going to do including supporting our efforts through investments to grow the company both organically and through targeted strategic acquisitions. Through our partnership, we were able to create a market leader in the growing customer service software market.”
“We are very pleased with the results of our investment in KANA, which will now be positioned for further growth as part of Verint, a global technology leader,” said Jason Klein, Managing Director of Accel-KKR. “We are proud of our partnership with Mark Duffell and the KANA team and wish the company well as it becomes part of the Verint family.”
“The sale of KANA to Verint has capped what has been an extremely active period for Accel-KKR,” said Accel-KKR Managing Director Tom Barnds. “Since the start of 2013, Accel-KKR completed four new platform investments, supported three significant follow-on acquisitions by our portfolio companies and generated significant liquidity for our investors through five separate realizations. We look forward to an active 2014 as well.”
Accel-KKR is a technology-focused private equity firm with over $2.3 billion in capital under management. The firm invests primarily in software and IT-enabled businesses well positioned for top-line and bottom-line growth. At the core of Accel-KKR`s investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on building value through significant resources available through the Accel-KKR network. Accel-KKR focuses on middle market companies, providing capital for buyouts and growth investments across a range of opportunities including recapitalizations, divisional carve-outs and going private transactions.