Epicor to be acquired by KKR
Epicor Software Corporation has entered into a definitive agreement to be acquired by the global investment firm KKR.
Financial terms of the transaction were not disclosed.
Epicor provides industry-specific solutions to customers in the manufacturing, distribution, and retail sectors. It was acquired in 2011 by Apax Partners.
“Our top priority continues to be delivering cloud-ready, market-leading solutions paired with a world-class customer experience,” said Joe Cowan, president and CEO of Epicor. “KKR shares our vision of providing innovative technology with a clear focus on helping customers grow business, not software. This is an exciting time for Epicor, and I am extremely appreciative of Apax's support during the last five years.”
Cowan continued, “We are eager to work with KKR and believe their capabilities in the technology sector, both domestically and internationally, will enable us to find new ways to create value.”
“KKR is very pleased to be partnering with Epicor to accelerate its next phase of global growth,” said Herald Chen, member of private equity and head of technology at KKR. “Through a world-class Epicor team, leading cloud-ready technologies and a keen focus on its customers, the company is in tremendous position to build on its long history of success.”
Jason Wright, a partner at Apax Partners, said, “We are proud of our collaboration with Epicor to build one of the largest global providers of enterprise applications differentiated by a focus on the customer and deep industry expertise. Through its unwavering focus on driving growth for its customers, Epicor, led by president and CEO Joe Cowan, grew organically and also expanded through strategic acquisitions. Our partnership with Epicor exemplifies Apax's strategy of helping companies strengthen their leadership positions and accelerate their growth.”
The transaction is expected to close by the end of August, subject to customary conditions to closing, including regulatory approval.