Accel-KKR said Aug. 15 that it completed the sale of Jaggaer to Cinven. Financial terms weren’t announced. Cinven has a controlling stake in Jaggaer, while Accel-KKR has retained a minority. Jaggaer, of Research Triangle Park, North Carolina, provides procurement software for large and medium-sized businesses. The sale was announced in July.
Accel-KKR Completes Sale of Majority Stake in JAGGAER
— Realization Is Accel-KKR’s Largest to Date —
Menlo Park, CA and Research Triangle Park, NC, August 15, 2019 – Accel-KKR, a technology-focused investment firm with over $8 billion in capital commitments, today announced that it has completed a transaction under which Cinven has become the controlling shareholder of JAGGAER, the world’s largest independent spend management company. Accel-KKR has retained a minority stake in JAGGAER.
Accel-KKR acquired JAGGAER in a go-private transaction in 2016. In the investment, which stands as the largest in Accel-KKR’s history, the firm worked with a strong management team to implement a number of operating initiatives focused on top and bottom line growth and completed a series of follow-on acquisitions that expanded the company’s geographic reach and product portfolio. The 2017 purchases of Pool4Tool in Vienna, Austria and BravoSolution in Milan, Italy broadened JAGGAER’s offering to include direct procurement and significantly expanded its geographic presence, also allowing it to develop category leading expertise in multiple vertical industries. As a result of these initiatives, JAGGAER’s revenues nearly tripled in size in the past three years, and the company was cited as a market leader by significant analyst groups.
“Our investment in JAGGAER is a great example of Accel-KKR in action,” said Tom Barnds, Managing Director and Co-founder of Accel-KKR. “After taking SciQuest private three years ago, we focused the newly named JAGGAER on investing in key growth initiatives and completing two material acquisitions that changed the profile of the company.”
“The Accel-KKR Consulting Group, leveraging significant experience in this software end market, played an important role in the integration of BravoSolution and Pool4Tool, as well as in leading a number of other initiatives over the course of our investment,” said Jason Klein, Managing Director.
Dean Jacobson, an Accel-KKR Managing Director, added, “We are proud of the progress JAGGAER made under our ownership since 2016. We nearly tripled revenues, expanded the suite of offerings to include direct and indirect procurement, and helped the company become a truly global enterprise.”
Accel-KKR is a technology-focused investment firm with over $8 billion in capital commitments. The firm focuses on 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 and provides a broad range of capital solutions including buyout capital, minority-growth investments, and credit alternatives. Accel-KKR also invests across a wide range of transaction types including private company recapitalizations, divisional carve-outs and going-private transactions. Accel-KKR is headquartered in Menlo Park with additional offices in Atlanta and London. For more information, please visit accel-kkr.com.
JAGGAER is the world’s largest independent spend management company, with over 2000 customers connected to a network of 4 million suppliers in 70 countries, served by offices located in the Americas, APAC, Asia and EMEA. JAGGAER offers complete SaaS-based Source to Pay solutions with advanced Spend Analytics, Sourcing, Supplier Management, Contract Lifecycle Management, Savings Tracking, and intelligent workflow capabilities all on a single platform, JAGGAER ONE. JAGGAER has pioneered spend solutions for over two decades and continues to lead the innovation curve by listening to customers and stakeholders in all industry sectors, public services and academia. Additionally, JAGGAER holds 37 patents – more than any other spend management company.