January 2020Govtech Leader Accela Announces Sale of Springbrook Software as High-Demand Core Business Continues to Grow
SAN RAMON, Calif., Jan. 7, 2020 /PRNewswire/ -- Accela, the leading provider of cloud-based solutions for government, today announced that Springbrook Software has been acquired by Accel-KKR, a leading Silicon Valley technology-focused investment firm. Springbrook is a provider of cloud-based finance, utility billing, and payroll software solutions for small and medium size municipalities and utility districts. The sale of Springbrook Software enables both companies to focus on their respective core solutions and customers, as Accela increases investment in its industry-leading permitting, licensing, code enforcement, and service request solutions for modern government.
"Accela is propelling state and local government's rapid shift to on-demand, cloud-based services for their citizens -- now an imperative for effective government. We are laser-focused on supporting our customers on this journey with highly innovative product development, deep domain expertise, and valuable strategic partnerships," said Gary Kovacs, CEO at Accela. "Accel-KKR's acquisition of Springbrook provides both Accela and Springbrook the opportunity to optimize our respective investments in our customers, and will enable Accela specifically to continue to build on our incredible momentum. We have a broad customer base representing the most progressive cities, counties and states around the world. More than 80% of our new customers purchased solutions in the cloud, an indication of Accela's authority in helping governments create the thriving digital communities of the future."
"At Springbrook, our accomplishments over the last two years of implementing initiatives focused on customer success and investments to grow further together have garnered the attention of those in the industry who understand the value of our offering and the opportunities ahead of us," said Max Schnoedl, CEO of Springbrook. "Our vision is aligned with that of Accel-KKR and I am thrilled with the opportunity to deepen our product portfolio, increase our customer focus, enter new geographic regions, and expand our go-to-market efforts."
Springbrook has been an Accela company since 2015. Now, under the terms of the agreement, Springbrook will again be an independent company, wholly owned by Accel-KKR. Spurrier Capital Partners served as the exclusive financial advisor to Accela for this transaction.
"We are excited about Accela's impressive growth and customer-centric performance as it works with governments to improve economic development, offer greater transparency to their citizens, and save valuable time and resources," said EJ Whelan, Chairman of the Accela Board, and Managing Director of Berkshire Partners, a Boston-based investment firm that acquired Accela in September 2017. "Enabling Springbrook to operate independently will help position both Springbrook and Accela -- and most importantly their customers -- for even greater success."
To learn more about Accela's latest solutions, please visit: https://www.accela.com/solutions/.
Accela provides market-leading cloud solutions that empower state and local governments to build thriving communities, grow businesses and protect citizens. Accela's fast-to-implement Civic Applications, and robust and extensible solutions platform, help agencies address specific needs today, while ensuring they are prepared for any emerging or complex challenges in the future. Accela is headquartered in San Ramon, California, with additional offices around the world. For more information, visit www.accela.com.
Source: PR Newswire
Title: Govtech Leader Accela Announces Sale of Springbrook Software as High-Demand Core Business Continues to GrowDate Published: January 7, 2020
Date Accessed: January 7, 2020