Accel-KKR's Jaggaer bolts on BravoSolution

Italmobiliare retained 9.5% of the new holding company for €35m.

Accel-KKR is currently investing from its fifth fund, which held a final close on its hard-cap of $1.3bn in September 2015. In 2016, the fund acquired British online communications platform Smart Communications from its corporate owner Thunderhead.

Italmobiliare is an investment holding that manages a diversified investment and equities portfolio. The company, listed on the Italian stock exchange, has a net asset value of approximately €1.5bn.

Jaggaer, founded in 1995 and known as SciQuest before rebranding in 2017, is headquartered in Morrisville. Jaggaer provides software-as-a-service in the procurement space.

The merger will result in a company combining BravoSolution's B2B sourcing business with Jaggaer's peer-to-peer business. Jaggaer claims the merger will result in the largest independent spending management company globally, with clients in the US, Europe and Asia.

Company
Founded in 1995, BravoSolution is a procurement software provider, headquartered in Milan. Its procurement technology aims to improve financial performance, procurement organisation, risk management and innovation. The company has direct operations in 18 offices located in 12 countries, employing a staff of 650. Its platform is used by 650 companies and 150,000 procurement professionals worldwide.

People
Accel-KKR – Tom Barnds (managing director, founding partner).
Italmobiliare – Carlo Pesenti (director).
Jaggaer – Robert Bonavito (CEO).
BravoSolution – Jim Wetekamp (CEO).

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