Existing investor FTV Capital to invest
additional capital in the Company
KKR, a leading global investment firm, today announced that a
fund managed by KKR has entered into an agreement to acquire a
majority stake in Agiloft (“the Company”), a trusted global leader
in data-first contract lifecycle management (“CLM”). As part of the
transaction FTV Capital, a sector-focused growth equity firm and an
existing investor in Agiloft, will make an additional investment in
the Company, and JMI Equity, a growth equity firm focused on
investing in leading software companies, will join as a new
investor in the Company. The investment will help the Company
continue to expand as it grows market share, acquires new
customers, further innovates product solutions, and extends its
world-class standard of customer success.
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Agiloft is a leading provider of data-first CLM software,
enabling legal, procurement, sales and other departments to
streamline and leverage their contracting efforts. Agiloft acts as
a system of record and provides its customers a global view of all
their contracts across all phases, including contract approval,
storage, and pre- and post-signature processes and performance. The
Company’s flexible platform allows Agiloft to handle significant
complexity, serve a wide range of business needs, and integrate
with other software systems, resulting in increased efficiencies
and improved operational outcomes.
“I am enormously proud and humbled by what we have been able to
accomplish at Agiloft. While the business has grown significantly,
we have always focused on and maintained our number one
differentiator: customer satisfaction and retention, which is
predicated on our uniquely agile solution, reliable implementation
success, and human-centric approach to contracting,” said Eric
Laughlin, CEO of Agiloft. “This new investment from KKR and JMI
Equity and continued support from FTV Capital serve as a testament
to the caliber of our team’s ability to provide and deliver
differentiated world-class products and services to our
customers.”
“As businesses increasingly look for efficient ways to ensure
regulatory compliance, realize cost efficiencies and manage complex
workflows, Agiloft has differentiated itself by providing a simple,
one-stop solution to meet its customers’ needs,” said Jimmy Miele,
Director, Tech Growth at KKR. “We are deeply impressed by Eric’s
leadership and the rest of the Agiloft team, and we look forward to
working together to capture additional opportunities in the
market.”
“Since FTV’s initial investment in 2020, Agiloft has driven
impressive growth by delivering a truly unique no-code platform to
a quickly growing customer base globally,” said Alex Mason, Partner
at FTV Capital. “The CLM market, while still young, represents a
multi-billion dollar opportunity, and we look forward to working
with KKR as we continue to support Agiloft in fueling expansion and
sustaining its notable leadership in workflow automation.”
As part of the transaction, KKR, JMI Equity and FTV Capital will
support Agiloft in implementing a broad-based employee ownership
program to allow all of its employees to have the opportunity to
participate in the benefits of ownership of the Company. This
strategy is based on the belief that employee engagement is a key
driver in building stronger companies. Since 2011, KKR portfolio
companies have awarded billions of dollars in equity to over
100,000 non-senior management employees across more than 40
portfolio companies.
KKR is making the investment through its Next Generation
Technology III Fund. Agiloft adds to KKR’s global portfolio of
technology and software investments, which includes OneStream, o9,
OutSystems, ReliaQuest (also an FTV Capital portfolio company),
RainFocus and Restaurant365.
Moelis & Company LLC served as exclusive financial advisor
to Agiloft. Baker McKenzie served as legal advisor to Agiloft.
Gibson, Dunn & Crutcher LLP served as legal advisor to KKR.
About Agiloft As the most trusted global leader in
data-first contract lifecycle management (CLM) software, Agiloft
connects contractual commitments to real business outcomes using
its flexible Data-first Agreement Platform (DAP). With contract
data as the foundation, customers quickly and collaboratively reach
agreement and leverage contract visibility to thrive with
competitive advantage. Employing powerful, pragmatic artificial
intelligence as a legal force multiplier, and robust integration
capabilities as a data liberator, organizations around the world
trust Agiloft’s certified implementers to deliver connected,
intelligent, and autonomous solutions across the entire contract
lifecycle. With a 99.6% implementation success rate, it’s clear why
some of the largest companies choose Agiloft to unlock the value of
contract data and accelerate business. Learn more at
www.Agiloft.com.
About KKR KKR is a leading global investment firm that
offers alternative asset management as well as capital markets and
insurance solutions. KKR aims to generate attractive investment
returns by following a patient and disciplined investment approach,
employing world-class people, and supporting growth in its
portfolio companies and communities. KKR sponsors investment funds
that invest in private equity, credit and real assets and has
strategic partners that manage hedge funds. KKR’s insurance
subsidiaries offer retirement, life and reinsurance products under
the management of Global Atlantic Financial Group. References to
KKR’s investments may include the activities of its sponsored funds
and insurance subsidiaries. For additional information about KKR
& Co. Inc. (NYSE: KKR), please visit KKR’s website at
www.kkr.com. For additional information about Global Atlantic
Financial Group, please visit Global Atlantic Financial Group’s
website at www.globalatlantic.com.
About FTV Capital FTV Capital is a sector-focused growth
equity investment firm that has raised $6.2 billion to invest in
high-growth companies offering a range of innovative solutions in
enterprise technology and services and financial technology and
services. FTV’s experienced team leverages its domain expertise and
proven track record in each of these sectors to help motivated
management teams accelerate growth. FTV also provides companies
with access to its Global Partner Network®, a group of the world’s
leading enterprises and executives who have helped FTV portfolio
companies for two decades. Founded in 1998, FTV Capital has
invested in over 140 portfolio companies, including EBANX, Kore.ai,
Lean Solutions Group, LogicSource, Luma, Patra, ReliaQuest and
Vagaro, and successfully exited/partially exited companies
including Enfusion (NYSE: ENFN), Globant (NYSE: GLOB), InvestCloud
(recapitalized), RapidRatings (recapitalized), Strata Fund
Solutions (acquired by Alter Domus), Tango Card (acquired by
Blackhawk Network) and VPay (acquired by Optum). FTV has offices in
New York, San Francisco, Connecticut and London. For more
information, please visit www.ftvcapital.com and follow the firm on
LinkedIn.
About JMI Equity JMI Equity is a growth equity firm
focused on investing in leading software companies. For over three
decades, JMI has partnered with exceptional founders,
entrepreneurs, and management teams at high-growth software
companies to provide flexible capital, industry expertise, and
operational support to build businesses of enduring value. To date,
JMI has invested in over 180 software businesses in North America
and Europe and completed over 115 exits. Today, the Firm’s
portfolio of industry-leading cloud software companies represents
$8 billion in combined revenue, $65 billion in aggregate enterprise
value, and over 34,000 jobs. For more information, visit
www.jmi.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240530171221/en/
Media
For Agiloft: Jeffrey Miesbauer 650-459-5637 ext 4003
news@agiloft.com
For KKR: Emily Cummings or Liidia Liuksila 212 230-9722
media@kkr.com
KKR (NYSE:KKR)
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