SAN FRANCISCO, NEW YORK, LONDON, HOUSTON, & MIAMI—Francisco Partners today announced that it has agreed to acquire Quorum Software (“Quorum” or the “Company”), a leading provider of energy software worldwide, from Thoma Bravo.

For over 20 years, Quorum has been a leading software provider for digital transformation in the energy industry, powering growth and profitability for energy operators by connecting people, workflows, and systems with decision-ready data. The Company serves as a trusted partner to energy customers who rely on its expertise and applications to successfully navigate the energy transition and deliver value across upstream, midstream, and downstream sectors. Quorum today serves over 1,500 customers, ranging from emerging operators to global supermajors and NOCs, across 50 energy producing countries. This transaction will position Quorum to capitalize on the momentum in global energy markets and increased demand for its platform.

“We are thrilled to join forces with Francisco Partners at this time of great opportunity for our platform, our customers, and our sector,” said Paul Langenbahn, CEO of Quorum. “We have undergone a dramatic transformation in recent years and, with Thoma Bravo’s support, successfully navigated a changing global market with a laser focus on delivering for our valued customers while driving long-term profitable growth. We look forward to working alongside Francisco Partners to further strengthen our platform and to continue providing our customers with world-class software and services for years to come.”

“Quorum plays a critical role in the global energy industry, serving as a trusted strategic partner to over a thousand customers across the world,” said Mac Fountain, Principal and Petri Oksanen, Partner at Francisco Partners. “We are excited to welcome them to our portfolio, and we are eager to support their continued growth and success with our technology expertise and resources. Together, we intend to build on Quorum’s strong foundation and grow their platform and customer base through both organic investment and strategic acquisitions.”

Quorum grew exponentially under Thoma Bravo’s ownership, completing several strategic deals, including a merger with Aucerna and a carve-out of Energy Components, to cement its position as the largest global energy software provider with the broadest portfolio of solutions across the energy value chain.

“It has been a pleasure working with the Quorum team to build an industry-leading platform,” said Scott Crabill, a Managing Partner at Thoma Bravo. “Together, we executed several truly transformative operating and strategic initiatives to advance their vision and achieve their potential, and we have been extremely impressed by their team’s tenacity and ambition. We look forward to following Quorum’s continued success during its next stage of growth.”

Lincoln International and Jefferies LLC are serving as financial advisors to Francisco Partners. Citi is serving as exclusive financial advisor to Quorum and Thoma Bravo.

About Quorum Software

Quorum Software is a leading provider of energy software worldwide, serving more than 1,500 customers across the entire energy value chain in 50 countries. Quorum’s solutions power growth and profitability for energy businesses by connecting people, workflows, and systems with decision-ready data. Twenty-five years ago, we delivered the industry’s first software for gas plant accountants, and today our solutions streamline business operations with industry forward data standards and integrations. The global energy industry trusts Quorum’s experts and applications to successfully navigate the energy transition while delivering value today and into the future. For more information, visit quorumsoftware.com.

About Francisco Partners

Francisco Partners is a leading global investment firm that specializes in partnering with technology and technology-enabled businesses. Since its launch over 25 years ago, Francisco Partners has invested in more than 450 technology companies, making it one of the most active and longstanding investors in the technology industry. With more than $50 billion in capital raised, the firm invests in opportunities where its deep sectoral knowledge and operational expertise can help companies realize their full potential. For more information on Francisco Partners, please visit www.franciscopartners.com.

About Thoma Bravo

Thoma Bravo is one of the largest software-focused investors in the world, with over US$166 billion in assets under management as of September 30, 2024. Through its private equity, growth equity and credit strategies, the firm invests in growth-oriented, innovative companies operating in the software and technology sectors. Leveraging Thoma Bravo’s deep sector knowledge and strategic and operational expertise, the firm collaborates with its portfolio companies to implement operating best practices and drive growth initiatives. Over the past 20+ years, the firm has acquired or invested in more than 500 companies representing approximately US$265 billion in enterprise value (including control and non-control investments). The firm has offices in Chicago, Dallas, London, Miami, New York and San Francisco. For more information, visit Thoma Bravo’s website at thomabravo.com.

Read the release on Business Wire here.

Funds advised by Apax Partners LLP, a leading global private equity advisory firm, today announced that they have reached a definitive agreement to increase their equity stake in ECI Software Solutions (“ECI” or the “Company”), a global, industry-specific, cloud-based business management software provider. Upon completion of the transaction, the Apax Funds will become a co-control owner of ECI, in partnership with Leonard Green & Partners, L.P. (“LGP”). In addition, and as part of the transaction, GIC made a substantial new investment in ECI to help support the continued growth of the Company.

The Apax Funds first invested in ECI, which provides mission-critical management solutions for small- and medium-sized businesses in key markets, primarily manufacturing, building supply, distribution and office technology, in 2017. They subsequently helped to develop the Company into a leading SaaS business through investment in its core products, international expansion and M&A, including 27 acquisitions since their original investment. In 2020, the Apax Funds sold a majority stake in ECI to LGP, while retaining a minority interest in the business.

Going forward, the Apax Funds and LGP will help ECI to further grow its presence in its core verticals, and target continued M&A in a highly fragmented market, with the opportunity to enter new sectors through acquisitions. ECI has experienced rapid growth in recent years, both organically and through a number of strategic acquisitions. It now has 25,000 customers in 90 countries around the world and employs 2,100 people across 20 offices.

The Apax Funds have established a leading track record in software investing over more than 20 years, investing more than $10 billion of equity during the period. The Funds are supported by an investment team with deep market expertise, as well as Apax’s Operational Excellence Practice, which focuses on identifying and executing levers to drive value creation.

Jason Wright, Partner at Apax, said: “Since the Apax Funds first invested eight years ago, ECI has transformed into a scaled and market-leading SaaS provider. Its organic growth has accelerated meaningfully while, at the same time, the Company has achieved a five-fold expansion in EBITDA. We are backing mission-critical software players like ECI to create sub-sector champions, using our deep experience of the sector and leveraging our Operational Excellence team to drive value creation. We look forward to continuing our partnership with the management team and LGP to drive this growth.”

Adam Garson, Partner at Apax, added: “ECI is a leading provider of core systems software, with a strong position in each of the end markets that it serves. We look forward to deepening our partnership with Trevor and the broader ECI management team, alongside Leonard Green and GIC, to support the business in continuing to accelerate growth both organically and through M&A.”

Trevor Gruenewald, CEO of ECI, said: “Our partnership with the Apax Funds over the past eight years, alongside support from LGP since 2020, has fueled consistent growth and established us as market leaders in mission critical systems for the small to medium business customers we serve. Their increased investment, combined with their deep operational and sector expertise, will allow us to continue on this trajectory—expanding our presence in key verticals where we already excel and accelerating our M&A strategy to enter new areas.”

Usama Cortas, Partner at LGP, said: “It has been a privilege for LGP to be part of the ECI story over the past four years. We have worked closely with Trevor and the ECI management team to build a mission-critical software ecosystem that supports the activities and growth of small- to medium-sized businesses around the world. During our partnership period, ECI has accelerated its organic growth and capitalized on a number of strategic and accretive M&A opportunities. This transaction underscores the strength of the Company, its talented management team, and its significant growth opportunities.”

Tommy Yin, Principal at LGP, said: “Since we partnered with the ECI team over four years ago, they have consistently been a strong performer delivering exceptional growth and value to all stakeholders. ECI’s management has led a best-in-class software organization and we believe there is considerable opportunity to further strengthen and expand the Company’s software offering. We look forward to continue working with Apax and the management team through the next phase of the Company’s growth.”

Choo Yong Cheen, Chief Investment Officer of Private Equity at GIC, said: “Our investment in ECI aligns with GIC’s commitment to support market-leading companies with long-term growth potential. With its deep market knowledge and unyielding customer focus, ECI has built a strong portfolio of purpose-built products that SMB customers need. We are excited to partner with ECI’s proven management team, and our partners at Apax and LGP, in supporting the next phase of ECI’s journey.”

Barclays and Centerview Partners LLC acted as joint co-lead financial advisors and Skadden, Arps, Slate, Meager & Flom acted as legal advisor to Apax. Jefferies LLC and Moelis & Company LLC acted as joint co-lead financial advisors, and Latham & Watkins LLP acted as legal advisor to ECI.

Stockholm, SWEDEN & Helsinki, FINLAND – FEBRUARY 26, 2025 — Accel-KKR, a global technology-focused investment firm, having completed a majority equity investment in Mercur Solutions (“Mercur”), a leading provider of performance management solutions for mid-sized and large enterprises, today announced Mercur´s merger with Aico, a financial close software platform for mid-market and large enterprises.The merger of Aico and Mercur brings together best-of-breed solutions providers to form a foundational platform as part of the business strategy to serve the Office of the CFO. Aico is known for its financial close capabilities, whereas Mercur helps finance teams budget, forecast, report and analyse company financial data. By integrating Mercur’s powerful corporate performance management (CPM) capabilities with Aico’s seamless financial close platform, the joint companies aim to deliver an end-to-end platform that streamlines financial operations, improves accuracy, increases visibility and drives strategic decision-making for CFOs and their teams.

“CFOs and finance teams today operate in increasingly complex businesses and dynamic environments. Finance professionals need financial software that works hard and works smart – through automation, strong integrations, and complete insight into data – so they can make faster, better decisions and stay one step ahead of business. This partnership brings together two best-of-breed solutions to address the critical needs of modern finance teams,” said Ulf Alkelin, CEO of Aico and Mercur.

Along with an expansion in product offerings, the companies also will see an expanded customer footprint, spanning the Nordics, United Kingdom, Ireland, BENELUX, and DACH. The geographic expansion ensures localised support and coverage of regional needs, while the ability to upsell and cross-sell solutions provides customers with a more comprehensive suite of tools to drive strategic decision-making and business growth.

Maurice Hernandez, managing director at Accel-KKR and a board member of Aico and Mercur quoted, “This merger represents a step forward in our overall goal to be a powerful end-to-end platform that serves the Office of the CFO. We are excited to bring the two companies together, and we look forward to providing support as the business grows.”

The joint companies will be led by Mercur CEO, Ulf Alkelin and supported by an integrated management team comprising leaders from both companies. Aico CEO Marko Voutilainen will transition to a Senior Advisor role to the board.

“I have long seen the growth potential in Aico, and we catalysed that growth with Accel-KKR’s investment in Aico in 2024, and now this merger with Mercur, a well-respected financial performance software leader. This is an exciting time as Aico and Mercur come together and deliver an innovative financial platform to the market. As a Senior Advisor to the board and shareholder in these companies, I wish Ulf and the team good luck, and I am incredibly excited about the possibilities ahead,” stated Marko Voutilainen, Senior Advisor Aico and Mercur.

About Aico Group:

Aico is an advanced financial close platform for mid-market companies and enterprises. Aico helps companies take control of their hectic closing processes, empowering financial teams and freeing time for other important activities. Its customers, including leading European enterprises, achieve a high level of automation and standardisation of processes, faster month-end financial reporting, and assurance of compliance and data accuracy. Established in 2019 in Espoo, Finland, Aico has offices in Finland, Germany, the UK and Latvia. For more information, visit www.aico.ai

About Mercur Solutions:

Mercur Solutions is a leading provider of Corporate Performance Management (CPM) solutions for mid-sized and large enterprises. Our cloud-based platform, Mercur Business Control, enables organizations to optimize their Financial Planning & Analysis (FP&A) and Extended Planning & Analysis (xP&A) processes, including budgeting, forecasting, planning, and reporting. By leveraging automation and advanced analytics, we empower businesses with deeper financial insights and enhanced operational efficiency. Founded in Sweden, Mercur Solutions has been at the forefront of innovation in financial management for 50 years. With offices in Sweden and the UK, we continue to support organizations in achieving greater control, accuracy, and agility in their financial operations. For more information, visit www.mercur.com or contact us directly

About Accel-KKR:

Accel-KKR is a technology-focused investment firm with $21 billion in cumulative capital commitments. The firm focuses on software and tech-enabled businesses well-positioned for top-line 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 various transaction types, including private company recapitalizations, divisional carve-outs and going-private transactions. Accel-KKR’s headquarters is in Menlo Park, with offices in London, Atlanta, Chicago and Mexico City. Visit www.accel-kkr.com to learn more.

MEMPHIS, Tenn.—Sedgwick, a leading global provider of claims management, loss adjusting and technology-enabled business solutions and Bottomline, a global leader in business payments and cash management, have signed an agreement whereby Sedgwick will acquire Bottomline’s industry-leading legal spend management (LSM) division. The LSM business services the property and casualty (P&C) insurance industry, providing carriers, third party administrators (TPAs), self-insured entities and corporate legal departments with cloud-based software applications and complementary legal bill review solutions.

Sedgwick will leverage Bottomline’s modern and highly scalable LSM technology infrastructure, including its Legal-X and Legal eXchange web platforms, in helping clients control the cost of litigation. Pending the closing of the transaction, which is subject to customary conditions and regulatory approvals, Sedgwick plans to operate the LSM business as a separate division.

“Bottomline’s LSM business is a strong fit for Sedgwick, and bringing these solutions in-house will enable us to better assist clients in making data driven decisions regarding their litigation management,” said Jim Ryan, Chief Operating Officer at Sedgwick. “This transaction sets a new standard of excellence for Sedgwick, positioning us as the unmatched claims partner for organizations worldwide. By integrating industry-leading LSM expertise in third party legal bill review into our existing capabilities, we will elevate the value we bring in meeting the evolving needs of our clients and their customers.”

The addition of end-to-end legal bill review solutions to Sedgwick’s menu of services will especially benefit the company’s casualty clients, who will enjoy streamlined e-billing, case management, reporting, analytics and vendor management services.

“The combination of Sedgwick’s industry-leading property and casualty claims management services with LSM’s end-to-end legal bill review solutions will be game-changing for customers,” said Craig Saks, Bottomline CEO. “This transaction allows Bottomline to redouble our focus on business payments and cash management, while providing a great home for our LSM colleagues and customers. We are excited to watch them usher in a new chapter of growth
for LSM.”

Sedgwick anticipates transitioning approximately 300 LSM colleagues to ensure clients receive the highest quality service from the experts they know and trust.

Morgan Stanley & Co. LLC and BofA Securities served as financial advisors and Simpson, Thatcher & Bartlett LLP served as legal counsel to Sedgwick in connection with this transaction. Deutsche Bank Securities Inc. served as financial advisor and Kirkland & Ellis LLP served as legal counsel to Bottomline.

About Sedgwick
Sedgwick is a leading global provider of claims management, loss adjusting and technology-enabled business solutions. The company provides a broad range of resources tailored to clients’ specific needs in casualty, property, marine, benefits, brand protection and other lines. At Sedgwick, caring counts; through the dedication and expertise of over 33,000 colleagues across 80 countries, the company takes care of people and organizations by mitigating and reducing risks and losses, promoting health and productivity, protecting brand reputations, and containing costs that can impact performance. Sedgwick’s majority shareholder is The Carlyle Group; Stone Point Capital LLC, Altas Partners, CDPQ, Onex and other management investors are minority shareholders. For more, see sedgwick.com.

About Bottomline
Bottomline helps businesses transform the way they pay and get paid. A global leader in business payments and cash management, Bottomline’s secure, comprehensive solutions modernize payments for businesses and financial institutions globally. With over 35 years of experience, moving more than $16 trillion in payments annually, Bottomline is committed to driving impactful results for customers by reimagining business payments and delivering solutions that add to the bottom line. Bottomline is a portfolio company of Thoma Bravo, one of the largest software private equity firms in the world, with more than $166 billion in assets under management. For more information, visit bottomline.com.

Bottomline and the Bottomline logo are trademarks or registered trademarks of Bottomline Technologies, Inc.

Read the release on PR Newswire here.

Acquisition expands Motus’ capabilities to optimize spend, mitigate risk, and increase productivity for companies of all sizes, from the largest enterprises to sole proprietors

BOSTON—Motus, the industry leader in vehicle reimbursement and risk mitigation for businesses with employees that actively drive for work, today announced the acquisition of Everlance, a mileage and expense tracking solution for small businesses, teams, and sole proprietors. The acquisition further strengthens Motus’ ability to provide trusted and innovative reimbursement solutions for companies of all sizes, supporting every kind of employee who drives as a part of their job.

Founded in 2015 by Alex Marlantes and Gabriel Garza, Everlance was created to empower mobile workers with easy-to-use productivity tools. The company’s self-managed vehicle reimbursement solution has helped over 4 million drivers track their miles automatically, log expenses, and maximize their take-home pay.

The complementary offerings will enable Motus to serve the broadest range of companies with solutions that range from highly tailored and integrated to self-installed and self-managed. Everlance’s origins in the consumer market bring a top-rated mobile app and employee experience, while Motus’ leading analytics and business intelligence deliver unparalleled decision support capabilities. The unique strengths of each company combine to create a product portfolio that will be able to meet customers’ needs today and in the future.

“The success of so many organizations depends on employees driving their own cars as part of their jobs,” said Phong Nguyen, CEO, Motus. “For those businesses with sales teams, merchandisers, home healthcare or a host of other critical roles—it can be a struggle to gain the visibility and control they need to optimize reimbursement spend, mitigate risks, and bolster the productivity of all those employees on the road. By joining forces, Motus and Everlance will be able to offer our customers a more robust set of mileage reimbursement, driver safety and training, and related tax and compliance solutions for every kind of employee who drives.”

“Motus and Everlance have an incredible opportunity to help organizations of all sizes reimagine reimbursement solutions for employees who actively drive for work,” said Alex Marlantes, CEO, Everlance. “I’m thrilled about the immense value that our combined teams can deliver by bringing best-in-class reimbursement solutions to the market.”

Motus is a portfolio company of leading private equity firms Permira and Thoma Bravo. For more information about today’s news, please visit: www.motus.com

About Everlance
Everlance is a top-rated mileage and expense tracking app designed to help self-employed individuals and businesses save money and time. With over 4 million users, Everlance offers an automatic, accurate, and easy-to-use solution for tracking miles and expenses, ensuring users maximize their tax deductions and take-home pay.

About Motus
Motus is the definitive expert in mobile workforce solutions. Its platform simplifies the reimbursement and management of vehicle and device costs through personalized calculations. Powered by an unmatched pool of data, refined over more than 80 years, and updated in real time, Motus is the platform of choice for top Fortune 500 companies and organizations committed to workplace agility. Motus automotive data, captured and analyzed across the world’s largest retained pool of drivers, also underpins the annual Internal Revenue Service (IRS) business mileage standard, the amount an individual can deduct for business vehicle expenses. For more information, please visit www.motus.com  or connect with us on Twitter, Facebook, Instagram or LinkedIn.

Read the release on PR Newswire here.