Colorado Springs, Colo., October 17, 2012 -– Accel-KKR Buys Venture-Backed Software Provider Accellos
Accel-KKR is betting on continued appetite among small companies for technologies that help them improve their supply-chain management with its investment in software provider Accellos Inc.
The technology-focused firm said it took a majority stake in venture-backed Accellos, which provides supply chain software to help small and midsize businesses with warehouse management, third-party logistics, transportation
management and advanced data collection.
Terms of the transaction weren't disclosed. Accel-KKR's investments range from less than $10 million to more than $100 million. The Menlo Park, Calif., firm is investing from Accel-KKR Capital Partners IV LP, a $750 million fund it closed earlier this year.
Accellos was created in 2006 by a team of software industry veterans, including Chairman and Chief Executive Officer Michael Cornell, Executive Vice President and Chief Technology Officer Ross Elliott as well as Chief Financial Officer Flint Seaton. The company received initial venture backing in late 2006 from Denver-based Centennial Ventures Inc, according to Dow Jones VentureSource.
Since its founding, Accellos raised a total of at least $52 million in venture capital from firms that include Centennial, Monitor Clipper Partners , Murphree Venture Partners, Roynat Capital and Hillman Co., according to VentureSource.
In 2008, Monitor Clipper led a $28.5 million Series B round to fund the company's growth, including the 2008 acquisition of trucking software solutions provider Prophesy Transportation Software, according to a news release issued at the time. In early 2010, Accellos acquired Columbus, Ohio-based vSync, Inc., which offers software and compliance solutions to the shipping industry. Later that same year, the company acquired assets of Virtual Dispatch, LLC, a Stoufville, Ontario based provider of transportation management software.
Executives from Centennial, Monitor Clipper, Murphree Venture Partners and Roynat Capital didn't return calls seeking comment and Hillman Co. deferred comment to the Centennial and Monitor Clipper.
Executives from Accellos weren't available for comment. Accel-KKR declined to comment beyond the news release.
Accel-KKR was formed in 2000 as a joint venture between Accel Partners and Kohlberg Kravis Roberts & Co. It now operates as an independent firm.
Merger and acquisition volume involving fleet management or supply chain software companies is on the rise in 2012, according to boutique investment bank Berkery Noyes. So far this year, there have been some 34 deals involving supply chain management or fleet management software companies, compared to 25 in all of
2011, according to Berkery Noyes.
Earlier this month, for example, Chicago Growth Partners-backed Marathon Data Systems
LLC acquired Verona, Italy-based Viamente SA. Other private equity backed deals
include Marlin Equity Partners-backed Servigistics' merger with MCA Solutions
as well as LaSalle Capital Group's acquisition of Savi Technology Inc.