Private equity firm KKR said Monday that it will sell ERP software company Epicor to Clayton, Dubilier & Rice, also a private equity firm, in a deal valued at $4.7 billion.
CD&R is now the third private equity firm to take ownership of Epicor over the last decade. The company was sold in 2011 to private equity firm Apax Partners and then bought by KKR four years ago.
Epicor CEO Steve Murphy will continue to the lead the company under CD&R. Murphy is credited with driving Epicor's product roadmap through investments and acquisitions. Epicor said it has a revenue mix comprising 73% recurring revenue, including a SaaS business growth rate of 60% year-to-date.
"Epicor's reputation for quality and performance, and its impressive portfolio of next-generation cloud products, position the company well to accelerate growth in the coming years," said Jeff Hawn, CD&R operating partner. "We look forward to partnering with the Epicor management team to further expand Epicor's product portfolio as well as make strategic acquisitions to meet customers' evolving digital transformation needs."