European global investment firm EQT Partners has acquired Acumatica, a Bellevue company that provides mobile, cloud-enabled Enterprise Resource Planning (ERP) software systems and solutions.
Founded in 2008, Acumatica’s software platform aims to help customers streamline and automate processes, manage and control inventory in real-time, and increase productivity. The company employs more than 250 people and serves approximately 5,200 customers. Acumatica’s annual revenue growth has averaged 106 percent between 2015 and 2018, according to information on the company’s website.
Founded in Sweden 25 years ago, EQT Partners manages 29 funds and $45 billion in assets, and owns a portfolio of global companies that operate in a range of industries (transportation and logistics, healthcare, real estate, and more), employ approximately 127,000 people, and post annual sales of approximately $21 billion.
EQT Partners already owns Industrial and Financial Systems (IFS) AB, an enterprise software company with 3,500 employees who support more than 10,000 customers who manufacture goods, maintain assets, and manage service-focused operations worldwide.
As part of the acquisition, Acumatica and IFS AB will operate as sister companies. Acumatica will focus on small-to-medium-sized businesses, while IFS AB will focus on larger enterprise companies. The partnership aims to harness market synergies and compete with competitors such as SAP, Oracle, Microsoft, and others.
Acumatica will continue to operate as an independent company led by CEO Jon Roskill.
“IFS is an admirable company in the ERP market who shares our belief in customer satisfaction,” Roskill said. “We could not have asked for a better match of technologies, strategies, and cultures. Combined with the proficiencies of IFS, Acumatica is positioned to expand into new markets and offer true global support for our rapidly expanding international customers.”
Roskill added that greater investment from EQT Partners will “unlock new opportunities for us to better serve our customers and secure a stronger future for Acumatica.”
The acquisition is expected to be finalized in the third quarter of this year. Terms of the transaction have not been disclosed.