Saturday, November 28, 2020

Lincoln business management software firm to be sold

Leonard Green & Partners (LGP) will acquire a majority stake in ECI Software Solutions (ECI), which provides cloud-based business management software and has its European HQ in Lincoln, from funds advised by Apax Partners and The Carlyle Group.

Upon completion of the transaction, funds advised by Apax Partners, which acquired ECI in 2017, will retain a minority stake in ECI. Financial terms of the transaction were not disclosed.

ECI provides Enterprise Resource Planning (ERP) solutions to more than 22,000 customers globally. Under the Apax Funds’ and Carlyle’s ownership, ECI has experienced rapid growth both organically and through strategic M&A. Since 2017, ECI has made 15 acquisitions, helping it gain significant market share and scale internationally, with sizable transactions in Europe and Australia consolidating its presence in those regions.

“The ECI team and I have had a powerful partnership with Apax and Carlyle as we have built the company into a leading SaaS business software solutions and services provider,” said Ron Books, ECI’s Chief Executive Officer.

“They have been instrumental in the tremendous growth of our company, and we are proud of what we accomplished together. We are excited to welcome LGP as our new partner, and I am confident that this is the right choice for our future – and the future of our 1,700 employees and more than 22,000 customers.”

Usama Cortas, Partner at LGP, said: “We are delighted to be partnering with a mission-driven company like ECI, which is focused on supporting the activities and growth of small to medium-sized businesses around the world.

“We invest in companies that win with people, have a differentiated culture and are market leaders with multiple ways to grow – and ECI is the perfect example. ECI has built an incredible track record of success, and we are excited to be partnering with ECI Management and Apax to support and accelerate the next phase of the company’s growth.”

Jason Wright, Partner at Apax Partners, said “We have been proud to partner with Ron Books and the ECI management team over the past three years as they have executed their plan and transformed the Company through investment in products, international expansion and the completion of 15 acquisitions.

“Importantly, Ron and the team have instilled a unique culture that is customer-centric and employee-friendly. We’re excited about the opportunity to partner with LGP during this next phase of ECI’s growth.”

Steve Bailey, Managing Director at Carlyle, said: “It has been a tremendous journey with Ron and the ECI team and Apax over the years. Carlyle’s strategy is to focus on vertical market SaaS investments or successfully transition software businesses to a SaaS model. Our partnership with ECI is a great example of the latter.

“Through embracing the opportunity in SaaS, ECI has accelerated its growth while also benefiting from strategic acquisitions. We wish the team every success for the future.”

BofA Securities is acting as lead financial advisor, Barclays as financial advisor, and Skadden, Arps, Slate, Meager & Flom as legal advisor to Apax Partners and ECI. Latham & Watkins LLP acted as legal advisor to LGP.

A message from the Editor:

Thank you for reading this story on our news site - please take a moment to read this important message:

As you know, our aim is to bring you, the reader, an editorially led news site and magazine but journalism costs money and we rely on advertising, print and digital revenues to help to support them.

With the Covid-19 pandemichaving a major impact on our industry as a whole, the advertising revenues we normally receive, which helps us cover the cost of our journalists and this website, have been drastically affected.

As such we need your help. If you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs just £31.50 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the storm and continue in our quest to deliver quality journalism.

As a subscriber, you will have unlimited access to our web site and magazine. You'll also be offered VIP invitations to our events, preferential rates to all our awards and get access to exclusive newsletters and content.

Just click here to subscribe and in the meantime may I wish you the very best.




Latest news

Work gets underway on new zero carbon workspace in Leeds

Work is underway by sustainable developer Citu to create a new workspace that will be the first net zero carbon commercial building in Leeds. The...

Second acquisition in a month for expanding communications group

Definition, the reputation management agency group with offices in Leeds, London, and Dubai, has acquired Redhouse, the London-based brand strategy and creative design agency,...

New double letting for South Bradford Trading Estate

Acting on behalf of In-Site Property Solutions, Lambert Smith Hampton's Industrial & Logistics Agency team has secured two new leases at South Bradford Trading...

Financial close on first two phases of ‘world’s largest’ wind farm

The first two phases on what will be the world’s biggest offshore wind farm – located off the east Yorkshire coast – has reached...

Steelwork completes at new speculative unit on M1 corridor

Steelwork has been completed on a new speculatively built 125,000 sq ft distribution unit on the M1 corridor at Barnsley. Maple 125 is the latest...

South West expansion for growing Yorkshire finance firm

ABL has opened a new office in Somerset as the Yorkshire-headquartered commercial finance brokerage firm continues to expand its portfolio. The new office in Bridgewater...

Related news

Work gets underway on new zero carbon workspace in Leeds

Work is underway by sustainable developer Citu to create a new workspace that will be the first net zero carbon commercial building in Leeds. The...

Second acquisition in a month for expanding communications group

Definition, the reputation management agency group with offices in Leeds, London, and Dubai, has acquired Redhouse, the London-based brand strategy and creative design agency,...

New double letting for South Bradford Trading Estate

Acting on behalf of In-Site Property Solutions, Lambert Smith Hampton's Industrial & Logistics Agency team has secured two new leases at South Bradford Trading...

Financial close on first two phases of ‘world’s largest’ wind farm

The first two phases on what will be the world’s biggest offshore wind farm – located off the east Yorkshire coast – has reached...

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close