– Realization Is Accel-KKR’s Largest to Date –
Menlo Park, CA and Research Triangle Park, NC, August 16, 2019 – Accel-KKR, a technology-focused investment firm with over $ 8 billion in capital commitments, announced today 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.”