M&A Deal Summary

Mid Europa Partners and Accel-KKR Acquire Symfonia

On December 9, 2020, private equity firms Mid Europa Partners and Accel-KKR acquired internet software and services company Symfonia from Sage

Acquisition Highlights
  • This is Mid Europa Partners’ 1st and Accel-KKR’s 26th transaction in the Internet Software and Services sector.
  • This is Mid Europa Partners’ 12th and Accel-KKR’s 1st transaction in Poland.

M&A Deal Summary

Date 2020-12-09
Target Symfonia
Sector Internet Software and Services
Buyer(s) Mid Europa Partners
Accel-KKR
Sellers(s) Sage
Deal Type Divestiture

Target

Symfonia

Warsaw, Poland
Symfonia is a provider of cloud business management solutions for SMEs. Symfonia offers four best-in-class products (Symfonia 50Cloud, Symfonia ERP, Symfonia Kadry i Płace One Payroll, and Symfonia Start) to a diversified base of loyal clients. Symfonia recently transitioned from a licensing model to a subscription model, achieving robust top-line growth and enhanced profitability. Symfonia was founded in 1995 and is based in Warsaw, Poland.

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Buyer(S) 2

Buyer

Mid Europa Partners

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1999
PE ASSETS 6.2B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Mid Europa Partners is a private equity firm focused on investing in Central and Eastern Europe. Mid Europa prefers control based investments in market leading companies operating in industries with high barriers to entry. Sectors of interest include telecom, media, utilities, transportation, natural resources, industrial, healthcare, building materials, manufacturing, and agriculture. The Firm looks to commit €50 to €300 million of equity capital per transaction in businesses valued up to €500 million. Prospective transaction types include buyouts, take-privates, divestitures, turnarounds, and large scale expansions. Mid Europa Partners is the successor entity to EMP Europe Ltd, which was formed in 1999. Mid Europa has offices in Budapest, Warsaw, and London.


DEAL STATS #
Overall 41 of 44
Sector: Internet Software and Services M&A 1 of 1
Type: Divestiture M&A Deals 7 of 7
Country: Poland M&A 12 of 12
Year: 2020 M&A 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-05 Displate

Warsaw, Poland

Displate is an online metal print marketplace that connects more than 40,000 visual creators and more than 30 licensed brands to a customer base of enthusiasts in more than 50 countries. The Company is active in a number of verticals including gaming, movies, anime, music, travel, and sport. The platform has over 1.4 million artist-generated designs which it prints on high-quality metal plates. Displate was founded in 2013 and is based in Warsaw, Poland.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-17 Pigu

Vilnius, Lithuania

Pigu is an e. trading player in the Baltics, operating main online shopping centres. Pigu offers nearly 140’000 consumer products, including household appliances, electronics, beauty & fashion, children goods, sports, DIY. Pigu is the only online retailer in the region to implement advanced warehouse management systems. Pigu was founded in 2007 and is based in Vilnius, Lithuania.

Buy -
Buyer

Accel-KKR

Menlo Park, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2000
PE ASSETS 19.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Accel-KKR is a private equity firm that seeks control and growth-oriented investments in middle-market technology companies. The Firm targets investments in public and private companies with revenues ranging from $15 to $150 million. Accel-KKR pursues transactions across multiple segments of the technology industry, including software, hardware and internet technologies, and IT enabled services. Accel-KKR's first fund was created in 2000 by Accel Partners and Kohlberg Kravis Roberts & Co. to invest in technology assets and businesses that were outside of each firm's core focus. Accel-KKR is based in Menlo Park, California.


DEAL STATS #
Overall 91 of 123
Sector: Internet Software and Services M&A 26 of 38
Type: Divestiture M&A Deals 7 of 9
Country: Poland M&A 1 of 1
Year: 2020 M&A 12 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-24 ITC

Carrollton, Texas, United States

ITC is a provider of marketing, rating, and management software and services to the insurance industry, including independent agents and insurance carriers. ITC helps its customers across the United States grow their businesses and become more efficient through the philosophy of providing quality software and services. Currently, ITC serves more than 200 insurance companies and more than 6,000 agencies. ITC was founded in 1983 and is based in Carrollton, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-12 PointRight

Cambridge, Massachusetts, United States

PointRight, Inc. provides cloud-based analytics that shows a 360⁰ view of long-term and post-acute (LTPAC) facility performance and clinical outcomes. Equipped with these insights, LTPAC Provider and Payers can lower rehospitalization rates, improve clinical outcomes, and build and manage high-performing networks. PointRight was founded in 1995 and is based in Cambridge, Massachusetts.

Sell -

Seller(S) 1

SELLER

Sage

Newcastle upon Tyne, United Kingdom

Category Company
Founded 1981
Sector Software
Employees10,740
Revenue 2.3B GBP (2024)
DESCRIPTION
Sage office in Reston, Virginia.
Sage office in Reston, Virginia.

Sage provides business management software and services for small and medium-sized businesses. Sage was founded in 1981 and is based in Newcastle upon Tyne, United Kingdom.


DEAL STATS #
Overall 11 of 11
Sector: Internet Software and Services M&A 1 of 1
Type: Divestiture M&A Deals 11 of 11
Country: Poland M&A 1 of 1
Year: 2020 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-11-18 The Sage Group - Sage Pay

United Kingdom

The Sage Group plc's Sage Pay is a provider of payment gateway solutions in the United Kingdom and Ireland.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-05 GoProposal

Manchester, United Kingdom

GoProposal is a provider of proposal management software for small and mid-sized accountancy firms. GoProposal helps accounting and bookkeeping businesses in the UK, Canada, US and Australia grow more profitably by providing a complete client onboarding system, focused on automated pricing, proposal, and engagement letter solutions. GoProposal was founded in 2016 and is based in Manchester, England.

Buy £13M