The private equity deal will make Springbrook Software, which sells financially focused software to government, an independent company again for the first time since it was acquired by Accela in 2015.
Springbrook offers technology for local government functions including budgeting, payroll and utility payments. The company is more than 30 years old and has more than 800 government customers across the country, according to a press release.
It also has the Springbrook National User Group (SNUG), an independent network made up of and run by the company’s clients.
“Dedicated focus and continued investments by Springbrook are vital to local agencies like the one I serve, because technology like this helps local governments stay financially healthy and operate efficiently even with limited resources,” said Steve Corbeille, treasurer of the city of Manitowoc, Wis., and board president of SNUG, in the statement. “I applaud Springbrook and its employees on this important milestone. Ultimately, Springbrook will be even better positioned to support us in serving our members and ensuring that local governments stay connected and have access to the best technology available to serve our citizens.”
Accela acquired Springbrook in 2015. It will now become an independent company and part of the portfolio of Accel-KKR, a firm that invests in business-to-business software and has more than $9 billion in commitments across the globe. AKKR has at least three other gov tech companies in its portfolio: ESO, US eDirect and Vitu.
“Accel-KKR’s acquisition of Springbrook provides both Accela and Springbrook the opportunity to optimize our respective investments in our customers, and will enable Accela specifically to continue to build on our incredible momentum,” said Accela CEO Gary Kovacs.
None of the parties involved in the deal announced the terms of the transaction.