Tech-focused private equity firm Accel-KKR has agreed to sell business management software provider Kerridge Commercial Systems (KCS) to CapVest Partners.
Berkshire-based KCS provides enterprise resource management software to more than 32,000 clients across industries such as construction, automotive, food and beverage and pharmaceuticals.
The acquisition was reported by Bloomberg to value the software firm at more than $1bn (£800m).
Accel-KKR – headquartered in Menlo Park, California, with an additional office in London – first invested in KCS in 2015. Since then, it has expanded significantly, with a team of more than 1,100 staff across 21 global offices.
“We are very proud of our partnership with Ian Bendelow and the KCS management team. They achieved tremendous results and created a market leader in our eight years of working together,” said Tom Barnds, co-managing partner at Accel-KKR.
“We wish them nothing but the best as they continue their growth with their new private equity sponsor.”
KCS CEO Ian Bendelow said: “Accel-KKR has been an exceptional partner to our team, as we have established KCS as the premier global ERP and business management software provider to the distributive trades.
“As we begin a new chapter with CapVest, we thank Accel-KKR for helping us accelerate our journey.”