September 01, 2021
Accel-KKR makes majority growth investment in Unimarket
Menlo Park, CA and Auckland, New Zealand - Unimarket, a fast-growing provider of procurement software and services, today announced that it has received a majority growth investment from Accel-KKR, a leading global technology-focused investment firm. Peter Kane, Chief Executive Officer of Unimarket, will continue to lead the company supported by the existing management team.
Founded in 2005 in Auckland, Unimarket provides cloud-based procurement software and services to a number of sectors including higher education, healthcare, government, research and financial services. Its easy-to-use eProcurement solution simplifies and automates the procurement process by connecting an extensive catalog-driven supplier marketplace with purchasing, invoice management, and card payment functions, together in a single cloud platform that is easy for administrators, buyers and suppliers alike. The investment will build on Unimarket’s success by driving product innovation and strategic acquisitions to create more value for its customers across Australia, New Zealand and the United States.
"Since our founding over 15 years ago, Unimarket’s mission has always been to deliver easy-to-use procurement technology that simplifies the procurement process," said Unimarket CEO Peter Kane. "By helping our clients get procurement done right, we empower them to do their best work because they spend less time on procurement and more time on the work that creates value for their organizations. This investment from Accel-KKR, coupled with its expertise in helping software companies grow, will help us pursue that mission with even more momentum and accelerate our ability to scale. We are very excited to embark on our next phase of growth with AKKR."
“Our mission has always been to deliver easy-to-use procurement technology that simplifies the procurement process... This investment from Accel-KKR, coupled with its expertise in helping software companies grow, will help us pursue that mission with even more momentum and accelerate our ability to scale.”- Peter Kane, Unimarket CEO
This investment marks more than 15 equity investments in the ANZ region for Accel-KKR, making the firm one of the fastest-growing software investors in the region. Accel-KKR recently sold Christchurch-based software firm, Seequent to a US based publicly traded company for USD$1.1 billion in enterprise value. Accel-KKR was named the "Investor of the Year" in 2019 for its investment in Seequent by the American Chamber of Commerce in New Zealand. The Silicon Valley-based firm is one of the most active private equity investors in software globally, having closed 300+ software investments and acquisitions in the firm’s twenty-year history.
"We are thrilled to be working with Peter and the Unimarket team. The company has been on our radar for a number of years and has continuously expanded its market leadership position during this time," said Phil Cunningham, Operating Executive at Accel-KKR. "Given our extensive experience investing in procurement and spend management software, we know we can bring material value to Unimarket’s growth strategy. We can’t wait to get started."
Unimarket’s three flagship procurement solutions include:
- Marketplace: An integrated catalog-driven marketplace that lets clients easily find and buy the things they need from their preferred suppliers at their negotiated prices.
- eProcurement: Solution that allows clients to easily find and buy products and services, plus manage purchase orders, approvals and requisitions.
- eProcurement+: Unimarket’s most comprehensive solution for managing the entire procurement process, from purchasing through to managing supplier invoices.
Unimarket’s clients include ASB, Lumino The Dentists and the University of Otago in New Zealand; NSW Department of Education, University of Tasmania and Murdoch Children’s Research Institute in Australia; and Xavier University, Illinois Institute of Technology, Teachers College of Columbia University, and Colgate University in the US.
Accel-KKR is a technology-focused investment firm with over $10 billion in capital commitments. The firm focuses on software and tech-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. In 2019 and 2020, Inc. named Accel-KKR to “PE 50 – The Best Private Equity Firms for Entrepreneurs”, its annual list of founder-friendly private equity firms. Accel-KKR is headquartered in Menlo Park with offices in Atlanta and London. Visit accel-kkr.com to learn more.
Unimarket makes procurement simple with an easy-to-use cloud-based solution that connects an extensive catalog-driven supplier marketplace with purchasing, invoice management, and card payment functions—all in one integrated platform. Founded in 2005, Unimarket is trusted by organizations from a diverse range of industries including higher education, healthcare, government, research, and financial services. For more information, visit unimarket.com or follow on Twitter @Unimarket, LinkedIn at linkedin.com/company/unimarket, or Facebook at @UnimarketProcurement.