News & Insights

Accel-KKR Completes Majority Interest Sale of TrueCommerce

Culmination of a Highly Successful Supply Chain Software-Focused M&A Growth Strategy

Menlo Park, CA & Pittsburgh, PA – December 3, 2020 – 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 TrueCommerce, a global provider of trading partner connectivity and integration solutions, to Welsh, Carson, Anderson & Stowe. Accel-KKR has maintained a minority interest in TrueCommerce post-closing.

Accel-KKR’s investment in TrueCommerce extends to October 2012 when the firm made an initial investment to acquire a majority interest in Accellos from its prior investor group. In July 2014, Accel-KKR backed Accellos in its purchase of HighJump Software, a significant add-on acquisition that brought together two complementary businesses and paired supply chain execution software (warehouse management, transportation management and logistics software) with next generation technology in trading partner integration and B2B commerce.

Accel-KKR reorganized the combined businesses into two independent operating companies under Accellos Holdings: HighJump Software, which provided supply chain execution software, and TrueCommerce, which operated a B2B commerce network. This structure enabled both operating companies to pursue strategies that best optimized their strengths and market opportunities.

In August 2017, the HighJump Software operating division was acquired by Körber AG. Accel-KKR continued to build the TrueCommerce division through organic and inorganic growth, including four additional acquisitions between 2017 and 2020.

“TrueCommerce is an excellent case study of Accel-KKR’s core strategic focus,” said Tom Barnds, Co-Managing Partner of Accel-KKR. “We backed an excellent founding management team with capital and strategic assistance to help them achieve their vision. We are proud to have partnered with them to build a scaled, category-leading supply chain execution software company.”

“Under our ownership, the Accellos-TrueCommerce-HighJump network grew revenues by 19x and completed 11 acquisitions as a clear strategy was executed,” said Jason Klein, Managing Director of Accel-KKR. “Its success is a culmination of the hard work of so many incredible people. We couldn’t be happier for the TrueCommerce team, and we are excited to continue to support them and WCAS in their next phase of growth.”

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

About TrueCommerce:

TrueCommerce is the most complete way to connect your business across the supply chain, integrating everything from EDI, to inventory management, to fulfillment, to digital storefronts and marketplaces, to your business system, and more. For decades, TrueCommerce has helped businesses be more connected, more supported, and more prepared for what’s next. With a team of more than 600 employees, offices around the world and 120,000 pre-connected trading partners, TrueCommerce has the expertise and cutting-edge technology to help you stay ahead in today’s dynamic global market. That’s why thousands of companies operating in more than 50 countries—ranging from startups to the global Fortune 100, across various industries—rely on us. Visit