Accel-KKR, a technology-focused investment firm, has completed AKKR Isosceles CV LP, a $1.9 billion single-asset continuation fund to extend its partnership with isolved, a human capital management software provider.
The deal provides liquidity for existing investors and commits $350 million in new capital for isolved’s growth and acquisitions.
Lead investor Secondaries at Goldman Sachs Alternatives joined other institutional participants, while Accel-KKR employees are now the largest investor group in the fund. Accel-KKR has backed isolved since 2011; prior vehicles have supported isolved’s significant revenue and profit growth through both organic initiatives and acquisitions.
Advisors: Lazard acted as the lead financial advisor to the funds, with Accel-KKR and Jefferies serving as co-advisors. Kirkland & Ellis provided legal advisory services to the funds and Accel-KKR.
KEY QUOTES:
“With the successful completion of this new continuation fund, the second CV of isolved, we are thrilled to extend an extraordinarily productive partnership that already has run for 14 years, as the company’s revenue and EBITDA have grown in excess of 20 times since we first partnered with the isolved team.”
“We’re also pleased that AKKR Strategic Capital LP has committed to this new continuation fund, marking the sixth CV commitment from our dedicated software secondaries fund, which we closed late last year.”
Tom Barnds and Rob Palumbo, Co-Managing Partners at Accel-KKR
“The partnership between Accel-KKR and isolved has been exceptional, and I’m pleased we can continue this journey together. As we envision the next chapter, I’m excited about the opportunities to grow our business, both organically and through strategic acquisitions.”
Mark Duffell, CEO of isolved
“As we look ahead, we are excited to have additional time to compound value in isolved. We also are pleased to invest additional capital in isolved as the company pursues the significant growth opportunities before it.”
Dean Jacobson, Managing Director at Accel-KKR
