{"id":9423,"date":"2017-09-28T21:55:49","date_gmt":"2017-09-28T21:55:49","guid":{"rendered":"https:\/\/rsoftsolution.com\/blog\/accela-gets-acquired-by-berkshire-partners-as-it-looks-to-move-govtech-services-to-the-cloud.html"},"modified":"2017-09-28T21:55:49","modified_gmt":"2017-09-28T21:55:49","slug":"accela-gets-acquired-by-berkshire-partners-as-it-looks-to-move-govtech-services-to-the-cloud","status":"publish","type":"post","link":"https:\/\/www.rbsitsoftwaresolution.in\/blog\/accela-gets-acquired-by-berkshire-partners-as-it-looks-to-move-govtech-services-to-the-cloud.html","title":{"rendered":"Accela gets acquired by Berkshire Partners as it looks to move govtech services to the cloud"},"content":{"rendered":"


\n<\/p>\n

Boston-based private equity shop\u00a0Berkshire Partners<\/a> announced this afternoon that it is acquiring Accela<\/a> \u2014 a nearly 20 year old startup that sells\u00a0regulatory management solutions to government clients.<\/p>\n

Accela has gone through a troika of CEOs in the last year. Previously acting CEO Mark Jung replaced\u00a0Maury Blackman last October who had managed the company for about a decade. We first speculated that an exit could be on the horizon at this time.<\/a> Five months later, current CEO Ed Daihl took over to presumably drive the company towards an exit.<\/p>\n

Prior to today\u2019s acquisition by\u00a0Berkshire Partners,\u00a0Accela had raised $235.6 million from\u00a0ABRY Partners<\/a>,\u00a0Karlani Capital<\/a>,\u00a0Landmark Growth Capital Partners<\/a> and others. Accela declined to disclose the terms of today\u2019s deal but Daihl noted that the terms are favorable.<\/p>\n

\u201cThere are no substantive changes to the number of employees,\u201d Daihl told me in an interview. \u201cWe\u2019re growing employees. I have open recs equivilant to 10 percent of the existing workforce.\u201d<\/p>\n

A majority of seats on the seven member board will be going to\u00a0Berkshire Partners with the rest being split between\u00a0ABRY Partners and Accela executives.<\/p>\n

\u201cNone of the management is changing,\u201d\u00a0Daihl added. \u201cNone of my management contracts changed.\u201d<\/p>\n

Daihl explained that he first came into contact with\u00a0Berkshire while exploring bidding in a large MA deal. After deciding the deal wasn\u2019t a fit, Daihl and Berkshire remained in contact until the firm expressed a desire to acquire Accela.<\/p>\n

Berkshire traditionally only participates in deals valued at over $500 million \u2014 so assuming this isn\u2019t an exception \u2014 it should serve as a fairly safe benchmark.<\/p>\n

Daihl believes that there is still a lot of value to be created by Accela. He has been pouring resources into domestic and international growth while working to develop a portfolio of APIs.\u00a0800 of 2200 Accela customers are operating in the cloud. Part of the company\u2019s five year growth plan is to push more of those customers into the cloud for SaaS-based contracts.<\/p>\n

This story is developing and we will continue to update you as we learn more.<\/p>\n

<\/p>\n

Featured Image: sorbetto\/iStock<\/small><\/p>\n

Article source: http:\/\/feedproxy.google.com\/~r\/techcrunchIt\/~3\/cguyhSTGE_w\/<\/p>","protected":false},"excerpt":{"rendered":"

Boston-based private equity shop\u00a0Berkshire Partners announced this afternoon that it is acquiring Accela \u2014 a nearly 20 year old startup that sells\u00a0regulatory management solutions to government clients. Accela has gone <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[19],"tags":[25],"class_list":["post-9423","post","type-post","status-publish","format-standard","hentry","category-enterprise-software","tag-enterprise"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t