Accel-KKR has generated a 12x return on Seequent less than three years after backing the developer of 3D geological modeling and visual data software, a source familiar with deal’s terms told PE Hub.
The firm on Monday announced the completion of Seequent’s sale to Bentley Systems for $900 million in cash and 3.1 million shares of BSY, valued at approximately $200 million. Bentley is a publicly-traded infrastructure engineering software company.
Seequent, based in Christchurch, New Zealand, develops 3D geological modeling and visual data software for understanding subsurface geoscience and engineering design solutions. The company’s software is used on large-scale projects globally, including road and rail tunnel construction, groundwater detection and management, geothermal exploration, sub-sea infrastructure mapping, resource evaluation and subterranean storage of spent nuclear fuel.
Accel-KKR’s growth equity investment in Seequent dates to September 2018. The platform bought Geosoft within the first 100 days of its investment, adding subsurface geophysics and data technology.
In October 2019, Seequent acquired Canadian-based GEOSLOPE, a leading geotechnical software company, expanding its solutions to improve overall engineering and design workflows for its client base.
Accel-KKR, based in Menlo Park, California, is a technology-focused investment firm with over $10 billion in capital commitments.
AKKR declined to comment for the story.