MENLO PARK, Calif. and
CHRISTCHURCH, New
Zealand, June 21, 2021
/PRNewswire/ -- Accel-KKR, a leading technology-focused investment
firm with over $10 billion in capital
commitments, today announced that it has completed the sale of its
majority interest in Seequent, a leader in software for geological
and geophysical modeling, geotechnical stability, and cloud
services for geodata management, visibility, and collaboration, to
Bentley Systems, Incorporated (Nasdaq: BSY),
the infrastructure engineering software company, for
$900 million in cash considerations
and approximately 3.1 million shares of BSY (approximately
$200 million in value). The
transaction was first announced in March
2021.
Accel-KKR made a growth equity investment in Seequent in
September 2018, and supported the
company in its acquisition of Geosoft in the first 100 days of the
investment, adding subsurface geophysics and data technology to
Seequent's geological modeling suite. In October 2019, Seequent acquired Canadian-based
GEOSLOPE, a leading geotechnical software company, to expand
Seequent's solutions to improve overall engineering and design
workflows for its client base. Accel-KKR was awarded the 2019
"Investor of the Year" for its investment in Seequent by the
American Chamber of Commerce in New
Zealand.
Shaun Maloney, CEO of Seequent,
led the capital raise with Accel-KKR in 2018, oversaw Seequent's
growth during AKKR's investment period and was instrumental in its
eventual sale to Bentley Systems.
Shaun Maloney said, "We have met
many potential investors over the years. Accel-KKR rose to the top
because of its approach to partnering with management and rolling
up its sleeves to help us achieve our full potential. They were
true to their word, and the company grew rapidly through innovative
product solutions and market expansions. Looking ahead, Seequent is
poised to do even more great things within Bentley's
ecosystem."
"With a strong management team driven by a clear
vision, Seequent rapidly built itself into a global tech
leader that enables better decisions about earth
environment and energy challenges," said Dean
Jacobson, Managing Director of Accel-KKR.
Tom Barnds, Managing Partner of
Accel-KKR, added, "Our firm was able to fuel their growth
with capital and strategic assistance especially in the areas
of inorganic growth, and we are proud of the results we
accomplished together. We couldn't be more pleased with the
outcome for the entire Seequent team, and we thank Shaun for
being an outstanding partner from day one."
About Accel-KKR:
Accel-KKR is a technology-focused investment firm with over
$10 billion in capital commitments.
The firm focuses on software and IT-enabled businesses,
well-positioned for topline 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 a wide range of transaction types
including private company recapitalizations, divisional carve-outs
and going-private transactions. In 2019 and 2020, Inc. named
Accel-KKR to "PE 50 – The Best Private Equity Firms for
Entrepreneurs", its annual list of founder-friendly private equity
firms. Accel-KKR is headquartered in Menlo Park with additional
offices in Atlanta and
London. To learn more, visit
accel-kkr.com.
About Seequent:
Seequent is a world leader in the development of 3D geological
modelling and visual data software for understanding subsurface
geoscience and engineering design solutions. Our solutions enable
people to analyze complex data, manage risk and ultimately make
better decisions about earth, environment, and energy
challenges.
Seequent software is used on large-scale projects globally,
including road and rail tunnel construction, groundwater detection
and management, geothermal exploration, subsea infrastructure
mapping, resource evaluation and subterranean storage of spent
nuclear fuel.
Seequent's global footprint includes its Christchurch-based HQ and R&D center, and
a network of offices across Asia/Pacific, Africa, South
America, North America and
Europe servicing blue chip
companies and customers with leading subsurface solutions in over
100 countries. https://www.seequent.com
Contact:
|
Todd
Fogarty
|
|
Kekst CNC
|
|
todd.fogarty@kekstcnc.com
|
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+ 212 521
4854
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SOURCE Accel-KKR