iTradeNetwork (“ITN”) is a leading provider of on-demand supply chain management and business intelligence solutions to the retail grocery, foodservice and hospitality industries. At the time of Accel-KKR’s investment, the company had a collaborative network in the food industry offering connectivity to over 4,500 suppliers/manufacturers, distributors, retailers and foodservice operators. During Accel-KKR’s ownership, the company more than tripled revenue and expanded its network to over 6,000 food industry trading partners.
As a result of partnering with Accel-KKR, ITN grew revenue at a CAGR of over 40% during Accel-KKR’s investment while maintaining over 50% EBITDA margins. The company consolidated the food vertical in the procurement industry and emerged as the market leader. ITN was acquired by Roper Industries in August 2010 for $525 million.
Mr. Bonavito went to serve as CEO of JAGGAER, an Accel-KKR portfolio company with a successful exit in 2019. He currently serves as CEO of Springbrook Software, another Accel-KKR portfolio company.
“We have truly enjoyed working closely with the team at Accel-KKR, who have delivered on each of their commitments to help us grow our company. The results speak for themselves. We could not have had better partners.”
Founded in 1999, iTradeNetwork (“ITN”) is the leading provider of on-demand supply chain management and business intelligence solutions to the retail grocery, foodservice and hospitality industries. At the time of Accel-KKR’s investment, the company had a collaborative network in the food industry offering connectivity to over 4,500 suppliers/manufacturers, distributors, retailers and foodservice operators. During Accel-KKR’s ownership, the company more than tripled revenue and expanded its network to over 6,000 food industry trading partners.
Accel-KKR developed a relationship with ITN through Savista (a previous Accel-KKR investment) and initially made a minority investment in ITN in 2006. At the time, ITN was owned by a consortium of foodservice industry participants and management. Over the next two years, Accel-KKR developed a strong relationship with the management team, and in 2007, completed a recapitalization of the company. The transaction provided liquidity to existing investors and materially revamped company ownership by adding a proven value-added partner and removing conflicted non-independent industry participants.
Accel-KKR and the management team believed there was an opportunity to consolidate the industry and build a market leader. Over the next the next three years, the team executed on this vision including:
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