BOSTON and SCOTTSDALE, Ariz. December 21, 2021 – Encora, a global digital engineering services company specializing in software product development services for fast-growing enterprises and digitally native companies and Advent International (“Advent”), a leading global private equity firm, today announced that Advent has acquired a majority stake in Encora’s business. As part of the agreement, Warburg Pincus, the existing majority shareholder of Encora, retains a minority stake.

“We are thrilled to enter into this partnership with Advent as we continue to scale our differentiated software engineering service offerings,” said Venu Raghavan, chief executive officer, Encora. “Advent’s deep business and technology services sector expertise, along with its global footprint, complements Encora’s strengths and creates opportunities to grow our business in key markets around the world.

Warburg Pincus has been a great partner to us over the last two and a half years, accelerating our rapid growth to a valuation of approximately $1.5B. We look forward to continuing to work alongside them in this next phase of growth.”

Encora is an established leader in outsourced software product development services, using deep technical expertise in machine learning, AI, data science, cloud services and other next-generation digital engineering disciplines to accelerate strategic innovation for tech-enabled companies whose market position and growth are driven by proprietary software products. Since rebranding as Encora in 2020, the Company has expanded its focus within the Consumer Tech and Enterprise Tech sectors, and grown its global talent pool to over 6,300 associates across 40 global offices across LatAm, India, APAC and the U.S.

“We have seen tremendous growth in the digital technology services sector over the past few years, as the need for strong technology products has escalated across industries,” said Shweta Jalan, managing director at Advent. Jan Janshen, managing partner at Advent, also said, “we believe Encora is well positioned to capitalize on the growing digital services market, and we are excited to partner with Venu, Encora’s talented management team, and Warburg Pincus to support the company’s growth in key markets across North America, Europe, India, Asia Pacific and Latin America, where Advent has a strong presence and domain expertise.”

This new partnership enables Encora to accelerate its global growth, both organically and through targeted M&A opportunities, expand its differentiated delivery model and advance its customer-facing digital services. Encora continues to focus on serving the software and digital engineering needs of enterprise SaaS companies, midmarket technology companies, and large enterprises.

“Encora has built an industry leading position, driven by its sharp customer focus and ability to attract high quality technology talent across the globe,” said Steven Glenn, managing director, chief financial officer and chief operating officer, Warburg Pincus. “Advent is a great addition to the team and we look forward to continuing to support Encora’s bright future.”

Advent, with $81 billion in assets as of June 30, 2021, has invested in over 380 companies across 42 countries, throughout North America, Europe, Latin America and Asia. It has significant investment experience in both the business and technology services sectors and in the key markets where Encora
operates.

About Encora Headquartered in Scottsdale, AZ, Encora is an established leader in software and digital engineering services, specializing in innovation acceleration for leading edge technology companies. Encora has over 6,300 associates in 40+ offices and innovation labs across U.S., Mexico, Costa Rica, Brazil, Colombia, Peru, Bolivia, India, and Asia Pacific. Encora’s global talent pool, micro-industry vertical expertise and proprietary agile engineering capabilities enable clients to improve their speed to impact. For more information, visit: Website: www.encora.com LinkedIn: https://www.linkedin.com/company/encorainc/

About Advent International Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 380 companies across 42 countries, and as of June 30, 2021, had $81 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 245 investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. After more than 35 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies. For more information, visit: Website: www.adventinternational.com LinkedIn: www.linkedin.com/company/advent-international

About Warburg Pincus Warburg Pincus LLC is a leading global growth investor. The firm has more than $67 billion in private equity assets under management. The firm’s active portfolio of more than 215 companies is highly diversified by stage, sector, and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Founded in 1966, Warburg Pincus has raised 20 private equity funds, which have invested more than $97 billion in over 960 companies in more than 40 countries. The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore. For more information, visit: Website: www.warburgpincus.com LinkedIn: www.linkedin.com/company/warburg-pincus/

 

Media contacts

For Encora
Joshua Kanter, Chief Marketing Officer
480-991-3635
joshua.kanter@encora.com

Alec Robertson
Brodeur Partners on behalf of Encora
585-281-6399
arobertson@brodeur.com

For Advent International
Khushal Devera
Ketchum Sampark Pvt. Ltd.
+91 98196 66376
khushal.devera@ketchumsampark.com

For Warburg Pincus
Kerrie Cohen, Head of Corporate Communications, U.S.
212-878-9207
kerrie.cohen@warburgpincus.com

Investment elevates Yayoi into next phase of growth and enhances its work to meet digitalization needs of Japanese SMEs

TOKYO–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced the signing of a definitive agreement under which KKR will acquire Yayoi Co., Ltd. (“Yayoi” or the “Company”), a software developer, distributor, and support service provider for small- and medium-sized enterprises (“SMEs”) in Japan from ORIX Corporation (“ORIX”), a leading integrated financial services group.

Yayoi is the largest financial and accounting software provider for SMEs and sole proprietors in Japan, best known for its namesake accounting and tax filing software, widely used by Japanese SMEs. According to MM Research Institute and BCN, the Yayoi Series has been Japan’s number-one cloud accounting software for six consecutive years by number of users, and the number-one desktop business software for 22 consecutive years, with over 2.5 million registered users. Not only does Yayoi have strong brand recognition, but the Company plays a leading role in assisting Japan’s SMEs as they adopt greater digital solutions into their operations and migrate more functions to the cloud. Since 2020, the Company has also been involved in the launch of advocacy organizations including the Social Systems and Digitization Study Group and the E-Invoice Promotion Association, which both look to promote the digitalization of Japanese businesses.

KKR is one of the world’s leading diversified asset management companies, founded in 1976, and is listed on the New York Stock Exchange. As of the end of September 2021, KKR had assets under management of US$459 billion (~JPY52 trillion) and had completed investments in approximately 330 companies through its global private equity strategy.

KKR brings to Yayoi its strong expertise investing in and supporting the success of technology and software businesses globally, including companies focused on accounting and business solutions to SMEs. In the accounting and business software area for SMEs, KKR has a track record of investing in companies such as MYOB in Australia, Exact in the Netherlands, Visma in Scandinavia, and KiotViet in Vietnam. KKR has invested globally in a range of companies in the enterprise software and cloud and SaaS solutions space, such as Epicor, an ERP vendor in the United States; OneStream, a cloud financial accounting platform in the United States; SoftwareOne, an integrated business software and cloud solution in Switzerland; and dataX, the developer of the marketing tool b-dash in Japan.

Hiro Hirano, Co-Head of Private Equity for KKR Asia Pacific and CEO of KKR Japan, said, “SMEs account for the vast majority of companies in Japan. Considering this, we are pleased to add Yayoi to our global portfolio of software providers, and excited to support this important sector of the Japanese economy as SMEs strive to enhance their operational efficiency by digitally transforming their businesses. We see a terrific opportunity to increase Yayoi’s penetration across Japan and look forward to promoting the Company’s growth by leveraging our expertise in this segment.”

Nobuki Watanabe, Executive Officer, ORIX Corporation, commented, “Since we invested in Yayoi in December 2014, we have been working with the company’s management to significantly grow the business, leveraging our financial know-how and human resources. During this time, Yayoi has solidified its position as the firmly established leader in the domestic software service market for SMEs. As digitalization and cloud services grow in Japan, Yayoi now looks to a new phase of growth. We decided to proceed with this transaction with KKR in order to further support this new dynamic growth phase for Yayoi.”

Koichiro Okamoto, Yayoi Chief Executive Officer & President added, “By welcoming KKR as a new shareholder, Yayoi is even better enabled to provide further value beyond our current framework of providing business software. Together with KKR, we will not only support the growth of SMEs, the backbone of the Japanese economy, but also transform the business software industry in Japan and help to accelerate the digital transformation of society through dynamic and innovative product and service development beyond the current Yayoi SaaS products.”

The transaction is expected to be completed on March 1^st, 2022, subject to regulatory approvals and customary closing conditions. Further details of the investment have not been disclosed.

KKR is making its investment from its Asia IV Fund. The investment adds to KKR’s track record in Japan, where KKR’s current private equity portfolio includes Seiyu, Kokusai Electric (formerly Hitachi Kokusai Electric), PHC Holdings (formerly Panasonic Healthcare), Koki Holdings, Marelli (formerly Calsonic Kansei), and growth investments in dataX (formerly From Scratch) and NetStars. In addition, KKR’s infrastructure team recently announced an investment in Central Tank Terminal, a chemical tank terminal operator in Japan, and KKR’s real estate team completed its first investment in Japan in October 2021.

BofA Securities Japan Co., Ltd. acted as KKR’s financial advisor.

About KKR

KKR is a leading global investment firm that offers alternative asset management and capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life, and reinsurance products under the management of The Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

About Yayoi Co., Ltd.

Founded in 1978, Yayoi is the largest financial and accounting software service provider in Japan. The Company is most recognized for its Yayoi Series and complementary business and business support services which are predominantly used and valued by SMEs, sole proprietors, and entrepreneurs to address their business needs. The Yayoi Series has been Japan’s top-selling software product for cloud accounting and for desktop business for 6 and 22 years, respectively, with a broad customer base of more than 2.5 million registered users. Across the wider business and business support segments, Yayoi also provides software solutions for those launching businesses and raising funds. Much of the Company’s recent focus has been on promoting digital transformation for Japan’s business community, as well as on activities that improve operational efficiency through the launch of the “Electronic Invoice Promotional Council” and other initiatives.

About ORIX

ORIX Corporation (TSE: 8591; NYSE: IX) is a financial services group which provides innovative products and services to its customers by constantly pursuing new businesses.

Established in 1964, from its start in the leasing business, ORIX has advanced into neighboring fields and at present has expanded into lending, investment, life insurance, banking, asset management, automobile related, real estate and environment and energy related businesses. Since entering Hong Kong in 1971, ORIX has spread its businesses globally by establishing locations in 28 countries and regions across the world.

Going forward, ORIX intends to utilize its strengths and expertise, which generate new value, to establish an independent ORIX business model that continues to evolve perpetually. In this way, ORIX will engage in business activities that instill vitality in its companies and workforce, and thereby contribute to society. For more details, please visit our website: https://www.orix.co.jp/grp/en/

(As of September 30, 2021)

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20211216006256/en/

Media:

KKR Asia Pacific
Anita Davis
+852 3602 7335
Anita.Davis@kkr.com
or
Wei Jun Ong
+65 6922 5813
WeiJun.Ong@kkr.com

KKR Americas
Cara Major or Miles Radcliffe-Trenner
+1 212-750-8300
Media@kkr.com

Finsbury (for KKR Japan)
Deborah Hayden, +81 702492 0463
Hannah Perry, +81 70 3769 9633
FinsburyKKRJapan@finsbury.com

Source: KKR

December 14, 2021

Strategic partnership to create enhanced end-to-end capabilities for customers amid increasing supply chain complexity

 

Hamburg/Frankfurt, Germany and London, United Kingdom, 14 December 2021 – Körber, an international technology group, and KKR, a leading global investment firm, today announced that KKR has acquired a significant minority stake in Körber’s supply chain software business. This strategic partnership is expected to enable Körber’s supply chain software business to become a global leader with enhanced end-to-end solutions for customers worldwide. Financial terms of the transaction were not disclosed.

Körber’s supply chain software business is among the top three global warehouse management software providers, delivering customers with differentiated warehouse management solutions (WMS) for varying operational complexities through software, voice and robotics solutions. With over 1,300 employees, the business has grown significantly over recent years, serving a diversified mix of more than 4,200 customers in different industries across over 70 countries.

Structural trends and market forces, including e-commerce, multi-channel, and micro-fulfilment, are amplifying the need for digital solutions to handle increased volume and overcome greater supply chain complexity.

KKR will work with Körber’s supply chain software business to pursue organic and inorganic growth strategies to expand the company’s geographic footprint, accelerate the transition to SaaS, automation and robotics, as well as to develop innovative digital solutions to support customers amid increasing warehouse automation and supply chain localization.

Stephan Seifert, CEO of the Körber Group, said: “I’m excited about this strategic partnership and the tremendous business opportunities evolving out of it. It is in Körber’s DNA to identify and develop attractive growth areas. With our supply chain software offerings, we strive to have a rich end-to-end application suite that provides enhanced software solutions to our customers all around the world. With KKR we have found a great business partner to accelerate our growth for supply chain software across additional products and regions. Always with one clear vision: market leadership through technology leadership for the benefit of our customers.”

Christian Ollig, Head of KKR for DACH, and Jean-Pierre Saad, Head of Technology for Private Equity in EMEA at KKR, commented: “A seamless and highly automated supply chain is business critical for enterprises of all sizes and we see significant growth potential in this market. Körber’s supply chain software business is already one of the leading providers with excellent expertise and capabilities in WMS including robotics and voice, led by an industry-leading management team. We look forward to the strategic partnership with Körber and to leveraging our experience of growth acceleration with global software businesses, as well as partnering with management, to help Körber’s supply chain software business reach its full potential in this attractive market.”

Chad Collins, CEO Software, Körber Business Area Supply Chain, says: “The strategic partnership with KKR is a great opportunity for us and we look forward to working with them and to drawing on their vast experience and track record of investing in and scaling software businesses globally. This will allow us to significantly accelerate our growth plan to build a global champion in supply chain software.”

KKR’s investment comes from its flagship European private equity fund, KKR European Partners Fund V, which has a long track-record in strategic partnerships with founders, corporates and management teams. KKR is one of the most active investors focused on building leading global technology enterprises, with global tech investments including Cegid, Exact Software, Cloudera, Darktrace, MYOB, Onestream, Epicor, iValua, Visma, among others. Across DACH, KKR has been investing on the ground for over 20 years primarily through strategic partnership deals such as in Axel Springer, Scout24, Wella, Unzer and SoftwareOne.

The transaction is subject to customary closing conditions and regulatory approvals.

– End –

About Körber

We are Körber – an international technology group with about 10,000 employees, more than 100 locations worldwide and a common goal: We turn entrepreneurial thinking into customer success and shape the technological change. In the Business Areas Digital, Pharma, Supply Chain, Tissue and Tobacco, we offer products, solutions and services that inspire. We act fast to customer needs, we execute ideas seamlessly, and with our innovations, we create added value for our customers. In doing so, we are increasingly building on ecosystems that solve the challenges of today and tomorrow. Körber AG is the holding company of the Körber Group.

About Körber’s Business Area Supply Chain

In the Business Area Körber Supply Chain, we have a broad range of proven supply chain solutions to fit our customers’ size, business strategy and appetite for growth. Our customers conquer the complexity of the supply chain thanks to our portfolio that includes software, automation, voice solutions, robotics and material handling – plus the systems integration expertise to tie it all together. Körber helps to manage the supply chain as a competitive advantage.

About KKR

KKR is a leading global investment firm that offers alternative asset management and capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of The Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

Further information is available at www.koerber-supplychain.com and www.koerber.com/en

 

Contact Körber:

Business media

Matthias Mezele

Senior Manager Corporate Communications

Körber AG Tel.: +49 40 211 07 364

Mob.: +49 173 75 19 148

E-Mail: matthias.mezele@koerber.de

 

Trade media

Heather Smith

Director Corporate Communications and Brand

Körber Supply Chain – Software

Tel.: +1.800.328.3271-2717

Mob.: +1.605.203.0605

E-Mail: heather.smith@koerber-supplychain.com

 

Contact KKR: Germany & Switzerland

Finsbury Glover Hering

Thea Bichmann

Tel: +49 172 13 99 761

E-Mail: kkr_germany@fgh.com

 

Finsbury Glover Hering

Emily Lagemann

Tel: +49 160 992 713 35

E-Mail: kkr_germany@fgh.com

 

New investment provides leading software company for the supply chain and transportation sectors with significant additional resources to drive growth

NEW YORK & SAN FRANCISCO, December 14, 2021 – Transflo, a leading provider of mobile business intelligence and payments facilitation tools to the transportation sector, today announced a significant new equity investment. Together with True Wind Capital (“True Wind”), a San Francisco-based private equity firm focused on investing in leading technology companies, Transflo welcomes Bregal Sagemount (“Sagemount”), a global private equity firm that specializes in backing growing companies to the Board and investor base. Carousel Capital, Transflo’s first institutional investor, remains a significant minority investor. Financial terms of the transaction were not disclosed.

Headquartered in Tampa, Florida, Transflo’s cloud‐based technologies digitize nearly 800 million shipping documents each year with over $100 billion in freight spend flowing over the Transflo rails. Transflo is the only customizable, open, and secure digital ecosystem that offers complete visibility, all-in-one driver tools, document management, and two-way communications to increase efficiency across the logistics arena.

Philip Yates, a Founding Partner of Sagemount, said, “We are thrilled to partner with the management team and investor base at Transflo. We believe that Transflo is poised to expand its position as a leading cloud-based business intelligence and payments engine in the transportation sector. The company occupies valuable real estate at the point of load consummation that continues to enhance velocity, accuracy and compliance in the payments flows for carriers, brokers and shippers. We look forward to accelerating Transflo’s product innovation and pursuing strategic acquisitions with this new funding.”

Aaron Matto, Partner of True Wind, said, “As the transportation and supply chain sectors continue to evolve amid this dynamic environment, we are excited to welcome Sagemount as a significant investor in Transflo to accelerate the company’s strategic growth objectives. Since True Wind’s initial investment in 2017, Transflo has built on its leadership position in the industry by delivering real-time communications to thousands of fleets, brokers, and commercial vehicle drivers while driving increased efficiency, improved cash flow, and reduced costs for its clients. We look forward to partnering with Sagemount and Transflo’s leadership team to drive further value creation.”

“At Transflo, we strive to drive better business results for our clients through technology and innovation,” said Frank Adelman, Chief Executive Officer of Transflo. “We are thrilled to have the support of best-in-class technology investors such as Sagemount and True Wind as we continue building our integrated software platform that enables transportation and supply chain businesses to improve velocity in the workflow and speed of payment.”
Transflo has continued to make significant enhancements to its software product suite. Over the past several months, the company announced the release of the latest iteration of its driver-focused workflow app, Transflo Mobile+ 5.0, and introduced Transflo Intelligent Automation, a suite of document automation services that provide carriers, freight brokers, factoring providers, shippers and freight auditors powerful new tools to manage and process load related documents.

Harris Williams served as financial advisor to Transflo. Simpson Thacher & Bartlett served as legal advisor to True Wind Capital. K&L Gates acted as legal counsel to Carousel Capital. Goodwin Procter served as legal advisor to Bregal Sagemount.

About Bregal Sagemount
Bregal Sagemount is a growth focused private capital firm with $4.0 billion of committed capital. The firm provides flexible capital and strategic assistance to market-leading companies in high-growth sectors across a wide variety of transaction situations. Bregal Sagemount invests $40 million to $200 million per transaction into targeted sectors including software, digital infrastructure, healthcare IT / services, business and consumer services, and financial technology / specialty finance. For more information, please visit www.sagemount.com.

About True Wind Capital
True Wind Capital is a San Francisco-based private equity firm focused on investing in leading technology companies. True Wind has a broad investing mandate, with deep industry expertise across software, data analytics, tech-enabled services, internet, financial technology, and hardware. Founded in 2015, True Wind has completed 10 platform investments and 20 add-on acquisitions. For more information, please visit www.truewindcapital.com.

About Transflo
Transflo®, a Pegasus TransTech company, is a leading provider of mobile, business intelligence and payments facilitation software to the transportation industry. The company’s cloud‐based technologies digitize nearly 800 million shipping documents each year with over $100 billion in freight spend flowing over the Transflo rails. Organizations throughout the Transflo client and partner network use the solution suite and digital platforms to increase efficiency, improve cash flow, and reduce costs. Headquartered in Tampa, Florida, USA, Transflo is setting the pace for innovation in transportation software. For more information, visit www.transflo.com.

Media Contacts:
For Bregal Sagemount:
Michelle Riley
(212) 704-3050

For True Wind Capital:
Jonathan Gasthalter/Nathaniel Garnick
Gasthalter & Co.
(212) 257-4170