PE agency Accel-KKR leaves New Zealand tech agency Seequent in $ 1.05 billion deal
Know-how-driven personal fairness agency Accel-KKR has agreed to go away New Zealand developer of geological and geophysical modeling software program Seequent in a $ 1.05 billion take care of software program maker d infrastructure engineering listed on Nasdaq Bentley Programs Inc.
In an announcement on its web site, Accel-KKR stated the transaction concerned $ 900 million in money and three.1 million Bentley Class B shares, topic to customary circumstances and regulatory approvals.
The transaction is predicted to shut within the second quarter and can add roughly 10% to Bentley’s annualized recurring income and earnings earlier than curiosity, taxes, depreciation and amortization (EBITDA), after closing.
Headquartered in Christchurch, New Zealand, Seequent has greater than 430 workers in 15 places of work, serving geologists, hydrogeologists, geophysicists, geotechnical engineers and civil engineers in additional than 100 international locations and among the many world’s largest mining firms.
Bentley, however, makes software program for the design and building of roads, bridges, buildings, and campuses.
“We’ve got been eagerly awaiting the IPO of Seequent this yr, however we’re so satisfied of the logic of this merger that we’re completely happy to anticipate as an alternative changing into the shareholders of Bentley,” stated Tom Barnds, co-director Basic of Accel-KKR.
Upon completion of the deal, Seequent will function as a stand-alone Bentley subsidiary, with Seequent’s present COO Graham Grant succeeding its outgoing CEO Shaun Maloney reporting to Bentley’s chief product officer Nicholas Cumins.
Accel-KKR was established in 2000 by way of a partnership between international various funding supervisor KKR and US enterprise capital agency Accel Companions. Since its inception, Accel-KKR has invested in additional than 250 firms.
Seequent had closed an funding in development shares of Accel-KKR in 2018 for its “fast international enlargement, together with new market growth, product innovation and different acquisitions.”
Within the Asia-Pacific area, Accel-KKR has supported Australian and New Zealand know-how firms, together with Envizi knowledge and analytics software program; workforce administration options suppliers Humanforce and Pegasus; and Vobile, a US-based on-line video content material safety and monetization platform with a presence within the APAC area.
In October 2020, the corporate introduced the ultimate closing of its rising markets buyout fund, Accel-KKR Rising Buyout Companions LP, with $ 640 million in capital commitments. He stated the oversubscribed fund would proceed its technique of investing in software program and know-how providers firms, with a selected give attention to the small-cap firm.
The closing of the brand new fund brings Accel-KKR’s whole property beneath administration to greater than $ 10 billion in 5 funds. The latter fund acquired assist from buyers in earlier funds and attracted quite a lot of new buyers.