Accel-KKR owned enterprise resource planning software firm Kerridge Commercial Systems (KCS) has been bought by funds managed by CapVest Partners LLP, (CapVest) in a deal Bloomberg is reporting to be worth ‘more than £800 million ($1 billion)’.
The SaaS ERP firm operates globally with 32,000 customers across more than 70 countries providing its SaaS solution for industries such as building materials & supplies, food & beverage, automotive, IT & electronics, construction & engineering, media and pharmaceuticals. In recent years the UK-based firm has completed '18 acquisitions and significantly expand its SaaS revenue as well as providing additional functionality and services to clients via its layered application products'.
"This is an exciting announcement for the whole KCS team, which will further solidify our position as a leading provider of mission-critical vertically focused SaaS globally. We operate in a fragmented and growing £3.4 billion addressable market with significant whitespace opportunities as companies digitalise processes and migrate to the cloud. CapVest’s long track record of transforming the size and scale of its portfolio companies makes CapVest an ideal and exciting partner for us in pursuing our ambitious plans for the future," says Ian Bendelow, CEO of KCS.
"We believe that KCS is well positioned to accelerate growth in the coming years capitalising on the ongoing demand for cloud ERP, supported by the company’s reputation for best-in-class vertical specific product functionality, quality and reliability. We look forward to working with Ian and the team to continue to expand the platform via M&A as well as bringing additional innovative cloud products to market to continue to address customer needs globally," says Fred Raikes, Principal at CapVest.