Accel-KKR Completes Carve-Out Acquisition of Springbrook Sof
MENLO PARK, Calif. and PORTLAND, Ore., Jan. 7, 2020 /PRNewswire/ -- Springbrook Software, a leading provider in fully integrated, cloud-based ERP and payments software for local government, today announced that it has been acquired by Accel-KKR, a leading Silicon Valley based technology-focused investment firm.
This acquisition will continue to deepen Springbrook's focus on providing industry-leading solutions to more than 800 local governments and municipalities across North America. Springbrook provides mission-critical administration software and citizen-facing solutions including finance, accounting, human resources and payroll administration, and CivicPay™, a fully integrated utility billing solution that enables citizens to pay their utility bills easily and securely. Springbrook is distinguished by a long-standing, loyal client base and an engaged Springbrook National User Group, an independently formed user community administered by the company's clients. This marks a carveout transaction from Accela, a leading provider of cloud-based solutions to governments.
"As we become an independent business, we are excited to partner with Accel-KKR, which focuses on software and tech-enabled businesses, and has a nearly 20-year track record in helping middle-market software firms like Springbrook grow," said Max Schnoedl, Springbrook's CEO. "The acquisition by Accel-KKR brings continued focus and commitment in our core mission – more investment for our products and customer care, and expansion in our offerings so we can continue to build on what matters most: our customers."
"Dedicated focus and continued investments by Springbrook are vital to local agencies like the one I serve, because technology like this helps local governments stay financially healthy and operate efficiently even with limited resources," said Steve Corbeille, Finance Director/Treasurer of the City of Manitowoc, WI and Board President of the Springbrook National User Group, Inc. (SNUG). "I applaud Springbrook and its employees on this important milestone. Ultimately, Springbrook will be even better positioned to support us in serving our members and ensuring that local governments stay connected and have access to the best technology available to serve our citizens."
"Springbrook and Accel-KKR could not be more excited about the opportunities that lie ahead for the company," said Dean Jacobson, managing director at Accel-KKR. "We look forward to supporting the Springbrook team through organic and strategic inorganic growth opportunities as they deliver mission-critical solutions that local governments depend on to run their agencies every day."
About Springbrook Software:
Springbrook Software is a leading cloud-based finance and administration software provider for local government. More than 800 cities, towns and districts from coast to coast use our suite of modern, high-performance solutions to manage their finances, payroll and utility billing. We believe in citizen-centric government that empowers its community with financial transparency, efficiency and a seamless payment experience. Springbrook is headquartered in Portland, Oregon, with regional offices in New York and Massachusetts. For more information, visit www.springbrooksoftware.com.
Accel-KKR is a technology-focused investment firm with over $9 billion in capital commitments. The firm focuses on software and IT-enabled businesses, well-positioned for topline and bottom-line growth. At the core of Accel-KKR's investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on building value alongside management by leveraging the significant resources available through the Accel-KKR network. Accel-KKR focuses on middle-market companies and provides a broad range of capital solutions including buyout capital, minority-growth investments, and credit alternatives. Accel-KKR also invests across a wide range of transaction types including private company recapitalizations, divisional carve-outs and going-private transactions. Accel-KKR is headquartered in Menlo Park with additional offices in Atlanta and London. For more information, please visit www.accel-kkr.com.
SOURCE Accel-KKR; Springbrook Software