Strategic combination backed by Accel-KKR marks a significant milestone in the maturation of vertical SaaS technology for professional services organizations
IRVINE, Calif. and LONDON — NOVEMBER 17, 2021 — Mavenlink and Kimble Applications today announced a definitive agreement under which the two companies will merge, bringing together deep domain expertise and purpose-built solutions for professional services organizations. Accel-KKR, a global technology-focused private equity firm, will be the majority investor in the combined business while existing Kimble and Mavenlink investors, including Carrick Capital Partners and Goldman Sachs, will continue to be investors. The merger will join two of the fastest growing technology players targeting the professional services vertical, serving over 2,000 clients globally.
“For over three years, Accel-KKR has been Kimble’s partner as we’ve worked to expand our product line and extend our global sales and service capabilities,” said Sean Hoban, CEO and co-founder of Kimble. “We are excited to take this next major step with Accel-KKR and Mavenlink as we create a company that will deliver innovative cloud-based technology, expertise, and value to professional services organizations globally.”
“Sean Hoban and I, together with our co-founders and entire teams, share a common vision that purpose-built technology can transform the operational and financial performance of professional services firms,” said Ray Grainger, CEO and co-founder of Mavenlink. “Combining our capabilities and resources into a single organization will accelerate our progress towards this vision and drive value for our existing and future clients.”
The new company’s complementary portfolio of vertical SaaS solutions will enable professional services leaders to manage complex workflows and improve strategic planning by removing data silos and providing greater visibility and controls for project delivery, financial performance, and resource management. The breadth of the company’s product portfolio will deliver clients a selection of best-fit solutions that meet the needs of every organizational size, vertical, and geographic footprint.
A recent Forrester Consulting study commissioned by Mavenlink highlights the primary drivers behind a move to purpose-built vertical SaaS software solutions tailored for professional services organizations, including improved client satisfaction, better forecasting and increased revenue.
“Mavenlink’s and Kimble’s shared vision to help professional services organizations replace legacy resource and work management applications with purpose-built technology directly aligns with our investment focus on mission-critical applications and solutions,” said Tom Barnds, Co-Managing Partner of Accel-KKR. “The combined company will be unique in its ability to meet the evolving needs of professional services firms operating in the global networked economy.”
The transaction, which is expected to close during the fourth quarter of 2021, is subject to regulatory approvals and other customary closing conditions.
Kimble Applications helps professional service organizations run their project-based businesses better. Global leaders in consulting, software, and hi-tech such as NTT Data, Sage, and Canon use Kimble to optimize resource utilization, profitability, and business scalability. Kimble is an award-winning software provider in professional services automation (PSA) technology, focused exclusively on innovating features and easy-to-use functionality that improve team collaboration and efficiency around the key services processes. Built on the Salesforce platform, Kimble drives a forward-looking focus and more timely decision making with intelligent insights and guidance. For more information, visit www.kimbleapps.com.
Mavenlink’s purpose-built cloud software for professional services takes PSA software to a new level, one that optimizes resources and elevates operational performance to build thriving businesses. The Mavenlink Industry Cloud for Professional Services™ enables services businesses to field the best team, every time, and see up-to-the-minute progress against timelines and budgets so projects run smoothly, predictably, and profitably. Mavenlink gives professional services firms in more than 100 countries the clarity, control and confidence to do what they do best, even better. Learn more at www.mavenlink.com.
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. For three consecutive years between 2019 and 2021, Inc. named Accel-KKR to “PE 50 – The Best Private Equity Firms for Entrepreneurs”, an annual list of founder-friendly private equity firms. Accel-KKR is headquartered in Menlo Park with additional offices in Atlanta, London and Mexico City. To learn more, visit www.accel-kkr.com.