Accel-KKR Sells Majority Stake In JAGGAER To Cinven

By Dan Anderson ● August 16, 2019
  • Technology investment firm Accel-KKR announced it completed a transaction where Cinven became the controlling shareholder of JAGGAER

Accel-KKR — a technology investment firm with more than $8 billion in capital commitments — announced it has completed a transaction where Cinven has become the controlling shareholder of JAGGAER. JAGGAER is the world’s largest independent spend management company. Going forward, Accel-KKR will have a minority stake in JAGGAER. Accel-KKR had acquired JAGGAER in a go-private transaction in 2016.

When Accel-KKR acquired JAGGAER (formerly SciQuest) in May 2016, the deal was valued at approximately $509 million, which was the largest in Accel-KKR’s history. And since then, the firm worked with a strong management team to implement a number of operating initiatives focused on top and bottom-line growth and also completed a series of follow-on acquisitions that expanded the company’s geographic reach and product portfolio.

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The 2017 acquisitions of Pool4Tool in Vienna, Austria and BravoSolution in Milan, Italy had broadened JAGGAER’s offering to include direct procurement and significantly expanded its geographic presence. And it also allowed it to develop category leading expertise in multiple vertical industries.

“Our investment in JAGGAER is a great example of Accel-KKR in action,” said Accel-KKR managing director and co-founder Tom Barnds.  “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.”

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This led to JAGGAER’s revenues nearly tripling in size in the past three years and the company was cited as a market leader by significant analyst groups.

“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,” added Accel-KKR managing director Jason Klein.

JAGGAER offers complete SaaS-based Source to Pay solutions with advanced Spend Analytics, Sourcing, Supplier Management, Contract Lifecycle Management, Savings Tracking, and intelligent workflow capabilities all on a single platform called JAGGAER ONE. And JAGGAER has more than 2,000 customers connected to a network of 4 million suppliers in 70 countries, served by offices located in the Americas, APAC, Asia and EMEA.

“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,” explained Accel-KKR Managing Director Dean Jacobson.

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