EQT to Acquire US Cloud-Based Software Vendor Acumatica

June 20, 2019

Willkie represented Acumatica in the transaction.

The EQT VII fund has entered into agreements to acquire Acumatica from its founders, management and other minority investors. Certain existing shareholders and management will re-invest significantly into the company, while EQT will have majority ownership.

The acquisition was made through the same EQT VII holding company which currently owns leading ERP software vendor, IFS. Going forward, Acumatica and IFS will operate as sister companies, serving the market with complementary cloud ERP solutions. Acumatica will focus on small to medium sized businesses while IFS will continue to focus on larger enterprise customers.

The two companies are expected to benefit from cross-pollination of R&D capabilities and a complementary geographic and end-market footprint. At the same time, Acumatica will continue to operate as an independent company with a focus on accelerating its strong growth momentum, customer satisfaction and channel-only go-to-market strategy.

Headquartered in Bellevue, Washington, Acumatica is a fast-growing software as a service ("SaaS") company, serving customers with true cloud Enterprise Resource Planning ("ERP") solutions. Through its ERP platform, Acumatica helps customers streamline and automate processes, manage and control inventory in real-time and increase productivity. Its software is delivered via the cloud and is accessible from any location, on any device.

EQT is a leading investment firm with more than €61 billion in raised capital across 29 funds and around €40 billion in assets under management. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than €21 billion and approximately 127,000 employees.

The Willkie team was led by partner Howard Block, and included partners Eugene Chang, Michael Katz, Andrea Hwang, Hillel Jacobson and associate Ann-Christine Stepien.