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And now to the business of the day…
Accel-KKR-backed TrueCommerce, a supply-chain software provider, has found a new owner, Milana Vinn writes for PE Hub.
TrueCommerce, based in Pittsburgh, Pennsylvania, is a cloud-based business-to-business commerce and supply-chain network. The company integrates electronic data interchange (EDI), inventory management, fulfillment, and digital storefronts and marketplaces to clients’ business systems.
Although the identity of the winning suitor is unknown, interest in the company was accelerated by another sought-after business, GTCR-backed Commerce Hub, sources told Milana. The e-commerce software provider kicked off a process in mid-July via Morgan Stanley.
While smaller in size, TrueCommerce is another player in the supply-chain software space that has found itself a beneficiary of covid-19 and the hastening of online shopping and e-commerce.
Managing healthcare costs: In other news this morning, New Mountain Capital has invested in HealthComp, the country’s largest Third Party Administrator of healthcare benefits for self-funded employers. Read our brief.
The deal comes as investment in the self-insured employer universe heats up. I wrote a week ago that Advent International was set to join hands with Great Hill as an investor in RxBenefits, which helps self-insured employers manage pharmacy benefits and costs. ICYMI, the recapitalization pushed RxBenefits’ valuation north of $1 billion, sources told PE Hub.
That’s it for today’s rundown. As always, write to me at firstname.lastname@example.org with any tips, feedback or just to say hello!