KKR fully exits SoftwareOne

KKR owned a 5.2% stake in the company prior to the exit. The shares were priced at CHF 25 apiece, meaning that KKR's sale of 8,213,023 shares corresponds to a value of CHF 205m (EUR 188m).

The heirs of former SoftwareOne CEO Patrick Winter are also selling a portion of their shares. The total shares sold correspond to a 5.4% stake in the company valued at CHF 215m (EUR 198m).

KKR partner Jean-Pierre Saad is to remain a member of SoftwareOne's board of directors.

Founding shareholders Daniel von Stockar, Beat Curti and René Gilli will retain a stake of 29% in the business.

SoftwareOne has a market capitalisation of CHF 4bn (EUR 3.6bn). Shares were trading at CHF 24.25 apiece at the time of publication.

KKR acquired a 25% stake in SoftwareOne in August 2015, deploying equity via KKR European Fund IV which held a final close in December 2015 on EUR 3.3bn. The fund's investment period ended in 2019 and the vehicle was 99% deployed as of September 2019, according to Unquote Data. The GP registered its sixth European fund in May 2021.

SoftwareOne listed on the Six Swiss Exchange in October 2019 with a market capitalisation of CHF 2.8bn (EUR 2.6bn). The flotation saw KKR sell a 5.8% stake in the business. Prior to the IPO, KKR held a stake of around 21% in the company, while Peruni Holding owned 15%. SoftwareOne's management, employees and other shareholders held a 41% stake.

SoftwareOne announced in May 2020 that KKR, Raiffeisen Informatik, the heirs of Patrick Winter, and Beat Curti were to sell a stake of around 10% (corresponding to 16,000,000 shares). Later that month, the company confirmed that an 11.5% stake was to be sold (17,500,000 shares). KKR sold 7,016,099 shares in the company priced at CHF 20 apiece, corresponding to CHF 140.3m (EUR 129m) and leaving the GP with a 10.4% stake in the company.

During the investment period, KKR supported SoftwareOne with its transition from a value-added reselling of software (VAR) model to an end-to-end software and cloud technology provider, the GP said in a statement. In addition, KKR supported the development of SoftwareOne's PyraCloud platform and backed add-ons including the acquisition of Comparex in 2018.

The value of SoftwareOne's shares has risen by 44% since its listing in 2019, KKR said in the same statement.

Company
Stans-headquartered SoftwareOne provides software and cloud technology services for businesses, with the aim of allowing them to develop and implement commercial, technology and digital transformation strategies. Founded in 1985, the company employs 7,700 staff, serving 65,000 customers, and has sales and service capabilities in 90 countries, according to a statement.

During KKR's investment period, SoftwareOne increased its revenues from CHF 263m (EUR 242m) in 2015 to CHF 730m (EUR 671m) in 2020, while its EBITDA increased from CHF 54m (EUR 50m) in 2015 to CHF 223m (EUR 205m) in 2020.

People
KKR – Jean-Pierre Saad (partner, head of TMT in Europe); Philipp Schaelli (principal, TMT Europe).
SoftwareOne – Daniel von Stockar (chair of the board).

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