Accela Closes $143.5 Million in New Funding to Accelerate Civic Platform Development and Global Sales Reach
ABRY Partners Leads Equity Financing in Conjunction with Landmark Partners, J.P. Morgan Private Equity and Karlani Capital
SAN RAMON, Calif. – February 26, 2015 – Accela, the leading provider of cloud-based civic engagement solutions for government, announced today that it has closed $143.5 million in new financing. Accela will deploy the new capital to round out its cloud offering, expand the capabilities of the Civic Platform, and scale sales efforts for its worldwide installed base.
The Civic Platform is transforming how governments interact with citizens and businesses by deploying cloud technology to modernize civic processes. Accela will capitalize on the $30 billion local and regional governments spend annually on software.
“The marketplace for government SaaS solutions is expanding rapidly as agencies look to increase service levels without significant capital expenditures,” said Maury Blackman, Accela President and CEO. “We believe doing business with government can be as simple and engaging as buying products on Amazon or hailing cars via Uber.”
The latest funding round brings the total capital raised by the Company to more than $200 million in the past 15 months, which includes a $40 million growth equity investment led by Bregal Sagemount in October 2013 and a $20 million in debt financing raised from Wells Fargo Capital Finance. Credit Suisse acted as the exclusive private placement agency to the Company.
“We are just beginning to tap the potential of civic technology for government,” commented Tyler Wick of ABRY Partners and incoming board member. “We are investing not only in Accela’s differentiated and comprehensive Civic Platform offering, but also in the future impact that these solutions can have on government agencies and the communities they serve.”
About ABRY Partners
Founded in 1989, ABRY Partners is one of the most experienced and successful media, communications, business and information services focused private equity investment firms in North America. Since its founding, ABRY has completed over $42 billion of transactions, representing investments in over 450 properties. The firm is currently managing over $4.3 billion of total capital and investing out of a $1.9 billion private equity fund, $950 million senior equity fund and a $1.5 billion senior debt fund.
About J.P. Morgan Private Equity Limited
J.P. Morgan Private Equity Limited is a Guernsey registered and incorporated, London Stock Exchange-listed, closed-ended investment company (LSE: JPEL). JPEL focuses on investing in concentrated private equity secondaries and secondary direct opportunities. JPEL’s capital structure consists of three classes of shares: US$ Equity Shares and two classes of Zero Dividend Preference Shares due 2015 and 2017, respectively.
About Karlani Capital
Karlani Capital is a private investment fund founded Rudy Karsan and several other proven executives to enable the growth and success of ideas that are original, interesting and useful to people. Rudy is probably most well-known for founding Kenexa, a leading SaaS-based provider of human capital management software that Rudy and a team of talented executives took public in 2005 and sold to IBM in 2012 for $1.3 billion.
About Landmark Partners
Landmark Partners specializes in secondary market transactions of private equity and real estate investments, with approximately U.S. $15 billion of committed capital, as of December 31, 2014. Founded in 1989, the firm has one of the longest track records in the industry and is a leading source of liquidity to owners of interests in venture, mezzanine, buyout and real estate limited partnerships. Landmark has completed 460 transactions in its 25-year history and acquired interests in over 1,700 partnerships, managed by over 650 general partners. Landmark is headquartered in Simsbury, Connecticut and has offices in Boston, New York and London.