PE Today: TA Invests in Digital Jukeboxes, Bluestone’s cBEYONData Acquires ERP Consultant
Plus, Accel-KKR readies follow-on investments with continuation vehicle.
Read the top headlines from Wednesday, March 30, 2022 below:
TA Associates Adds Music Platform to Portfolio
Middle-market growth equity firm TA Associates announced Wednesday (March 30) the acquisition of interactive music and entertainment platform TouchTunes for an undisclosed sum. TouchTunes, which operates a network of digital jukeboxes across restaurants and other social venues, will be acquired from funds advised by Searchlight Capital Partners and Newlight Partners, a press release said. TA Associates said it plans to drive TouchTunes’ growth and product innovation.
Accel-KKR Completes Continuation Vehicle for PortCo Follow-On Investments
Accel-KKR, a private equity firm targeting middle-market technology companies, announced the close of its Accel-KKR Capital Partners CV IV fund, a $1.765 billion continuation vehicle for its 2013 $875 million buyout fund. New capital commitments totaling $325 million that will support Accel-KKR’s follow-on investments in seven existing portfolio companies, including compliance technology company Abrigo, ERP company Kerridge Commercial Systems, supply chain management company TrueCommerce, and others. Combined, the seven companies have current annual revenues of $790 million and have completed 43 follow-on acquisitions since coming under the Accel-KKR umbrella.
Bluestone-Backed cBEYONData Acquires ERP Consultant
Bluestone Investment Partners portfolio company cBEYONData, a professional services firm supporting businesses’ migration to the cloud and other digitization initiatives, has announced its acquisition of enterprise resource planning (ERP) consultation service provider Alta Via Consulting. A press release said the combined entity will have 240 employees with clients that include the U.S. Army and Department of Justice.
In a statement, cBEYONData CEO Dyson Richards said his company sees “huge opportunity” in Alta Via “to help our collective customers transform how they do business.”
