A spokesman said there are no changes in management—Acumatica will continue to operate as an independent company. However, it is likely that there will be development of products involving both companies. “What EQT has been looking to do is bolster IFS as a global cloud player,” the spokesman said. IFS reported revenued of $154 million for the year ended March 31, up 29 percent from fiscal 2018. Acumatica does not report revenue but has to be much smaller. The two companies have strengths in different areas—IFS in Europe and Acumatica in the United States and Asia. The purchase echoes the moves made this year made by KKR which suggests a similar strategy. Two weeks ago, I sent an inquiry to KKR asking if it was willing to talk about strategy but there has been no reply. However, KRR, which owns Epicor, purchased MYOB this year and is preparing to buy Exact. Those companies are strong in different areas—the U.S., the Pacifica and Asia, and Europe, and suggests an effort to own companies with strengths across a broad area.Last modified on Wednesday, 19 June 2019
SWEDISH GROUP BUYS ACUMATICA Featured
EQT Partners, a private equity group based in Sweden, has acquired Acumatica. The group already owns IFS, which markets ERP software. Terms of the sale were not disclosed.