The investment firm Clayton, Dubilier & Rice (CD&R) today said it had sold off part of its interest in Epicor—the Austin, Texas-based provider of enterprise resource planning (ERP) software for the manufacturing, distribution, retail, and services industries—to another financial firm called CVC.
Terms of the deal were not disclosed in either dollar amounts or comparative stakes, so the new ownership structure is unclear. But the firms said that CVC had agreed to acquire a “significant ownership position” in the software company. In the future, both investors will have an equal number of board seats, with Jeff Hawn continuing to serve as chairman and Steve Murphy continuing in his role as CEO.
Epicor serves approximately 23,000 customers in more than 150 countries. The company says its software is designed to fit the precise needs of customers in a range of industrial sectors in the “Make, Move, and Sell” economy.
Epicor itself has been growing through acquisition in recent months, buying up targets such as Kyklo—which provides product information management (PIM) and lead generation solutions—and Smart Software, which makes cloud-based, AI-driven inventory planning and optimization (IP&O) applications.
Since CD&R’s acquisition of Epicor in 2020, the company recently surpassed $1 billion in annual recurring revenue (ARR) as a result of organic growth, including a transformation into a SaaS-first company, as well as acquisitions which expanded its product capabilities and geographic reach, CD&R said.
“We look forward to enhancing Epicor’s next chapter of growth with further SaaS migration and geographic expansion into international regions, while continuing to drive product innovation that will benefit Epicor’s many valued customers, partners and employees,” Sebastian Künne, senior managing director at CVC, said in a release.
Editor's note: This article was revised on August 14 to clarify the terms of the deal.
