John Case, CEO of Acumatica
Bellevue-based Acumatica, which provides cloud-native enterprise resource planning, or ERP, for small and midsize businesses, announced last week that it has agreed to be acquired by Vista Equity Partners, a global investment firm specializing in enterprise software, data, and technology-enabled businesses.
Austin, Texas-based Vista — which manages a portfolio of software companies that provide mission-critical solutions to millions of customers globally and had more than $100 billion in assets under management on Dec. 31 — will acquire Acumatica from EQT VII fund, which initially invested in Acumatica in 2019. Terms of the transaction were not disclosed, according to a news release from Acumatica and Vista.
Bloomberg reported last week that the deal valued Acumatica at about $2 billion, including debt.
The transaction, subject to customary conditions and approvals, is expected to be completed in the third quarter, according to a news release from EQT.
Acumatica, which was founded in 2008, serves more than 10,000 customers worldwide, EQT said.
Acumatica has nearly 700 employees, with about 10% of those in the Pacific Northwest.
Acumatica’s cloud-native ERP platform enables organizations to digitally manage and automate processes from core financial management to payroll and customer relationship management in a single system, noted the release from Acumatica and Vista. The platform delivers AI-driven real-time visibility across the business and offers industry-specific functionality tailored to sectors that include manufacturing, distribution, construction, retail, and professional services.
“Our partnership with Vista not only marks a significant milestone in Acumatica’s history but also is a strong endorsement of the real-world value we deliver to the market and our customers,” Acumatica CEO John Case said in the release. “Vista’s investment can help power our AI-first product strategy and further strengthen our thriving Community of partners, developers and customers, working together to find better ways to work and redefine business management software for everyone. With Vista’s support and track record of growing software companies, we believe we’re positioned to accelerate product development, deepen partner engagement, and extend our impact.”
Monti Saroya, co-head of Vista’s Flagship Fund and senior managing director, added, “Acumatica is an ascendant, cloud-native ERP platform that has become a leading provider of mission-critical tools that enable small and mid-sized businesses to run more efficiently and effectively. With its industry-leading, strong partner ecosystem and growing presence in markets embracing cloud-based business technology, we believe Acumatica is well-positioned to lead the shift toward modern, integrated ERP solutions.”
Rob Maclean, partner within EQT’s private equity advisory team, called Acumatica’s evolution since 2019 “nothing short of remarkable.” He added in EQT’s release, “We are proud to have partnered with Acumatica’s board and management team to help shape the company’s strategic direction and invest meaningfully across products and innovation, channel expansion, and operational excellence. Acumatica stands as a clear example of EQT’s ability to drive transformative value creation and enduring growth in our portfolio companies. We look forward to seeing Acumatica continue to thrive in its next phase of growth.”
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