Sale Represents Cinven’s Continued Success in U.S. TMT Investing

International private equity firm, Cinven, today announced it has agreed to sell JAGGAER (‘the Company’), a global leader in integrated direct and indirect enterprise procurement and supplier collaboration, to Vista Equity Partners. Financial details of the transaction are not disclosed.

JAGGAER has been a strategic partner to enterprise customers across the globe since 1995 and today serves over 1,400 customers across more than 55 countries and a wide range of sectors including manufacturing, higher education and research institutes, the public sector, energy, services, and consumer and retail. Providing an intelligent, comprehensive, and integrated platform, JAGGAER helps companies automate and manage their supply chain. JAGGAER One, the Company’s proprietary software as a service (‘SaaS’) platform, is a market-leading holistic procurement and supplier collaboration platform that powers B2B commerce amongst buyers, suppliers, partners, and community members.

Since the Sixth Cinven Fund’s investment in the company in 2019, Cinven’s U.S. TMT team has partnered with JAGGAER to execute an ambitious value creation plan to capitalize on tailwinds within the global procurement and supply chain software markets. Key initiatives included:

  • Integrating JAGGAER’s platforms into a single market-leading cloud-based product suite, the ‘JAGGAER One’ platform, which harnesses leading-edge AI technology to deliver an all-in-one, intelligent enterprise procurement and supplier collaboration tool across direct and indirect spend categories;
  • Scaling and enhancing JAGGAER’s global infrastructure with a focus on best-in-class product, technology, and go-to-market capabilities;
  • Strengthening JAGGAER’s leading management team with key additions that bring deep experience growing and positioning SaaS businesses for long-term success; and
  • Supporting JAGGAER in its journey towards ESG excellence, including the launch of Plan Zero, JAGGAER’s commitment to achieving net zero by 2040 by decarbonizing its operations and supply chain in line with the Science Based Targets initiative (‘SBTi’).

Commenting on the investment, Julia Kahr, Partner and Head of North America at Cinven, said:

“JAGGAER has evolved to become one of the most innovative and leading-edge providers within today’s procurement and supply chain software landscape. We are proud to have supported JAGGAER’s strategic transformation over the last five years to further position itself as the partner of choice for the largest and most complex enterprise customers worldwide. We are confident JAGGAER is well-positioned to continue to build on its momentum in this next chapter, and we wish Andy and the entire team continued success.”

Daniel Garin, Senior Principal at Cinven, and John Cuyulis, Principal at Cinven, said:

“Leveraging Cinven’s deep experience in the technology sector, we supported JAGGAER’s efforts to drive commercial excellence and successfully develop and bring to market its highly differentiated JAGGAER One platform. JAGGAER embodies the high-quality organizations Cinven looks to partner with, and the ways in which we leverage our expertise and the global Cinven platform to execute on a shared vision for value creation.”

Andy Hovancik, Chief Executive Officer of JAGGAER, noted:

“We are grateful for Cinven’s dedicated partnership, which has launched JAGGAER into our next phase of growth. We look forward to continuing to help our customers transform the way they conduct enterprise commerce and to deliver best-in-class services.”

Goldman Sachs & Co. LLC and Moelis & Company LLC acted as financial advisors, and Kirkland & Ellis LLP acted as legal advisor to Cinven-backed JAGGAER on this transaction.

Completion of the transaction is expected in Q4 2024 and is subject to regulatory approvals and other customary closing conditions.