JPEL Private Equity gets cash for Accela stake
JPEL Private Equity gets cash for Accela stake – JPEL Private Equity says that one of its largest investments has been bought. On 29 September 2017, Berkshire Partners LLC made an investment in Accela, a leading provider of civic engagement software solutions for state, county and municipal governments.
The sale of Accela resulted in an investment return for JPEL of approximately 2.05x their investment and an internal rate of return (IRR) of approximately 35%. As part of the transaction, JPEL received cash proceeds of approximately USD 29 million. JPEL held an indirect interest in Accela and will remain an investor in the company.
At 30 June 2017, Accela represented 8% of JPEL’s private equity investments and was JPEL’s third largest underlying investment.
Accela says that, for more than 15 years, it “has been the industry leader in designing and delivering productivity and engagement software to help government agencies be their best. Today, citizens are savvy to how services should be delivered, and expect a consistently convenient, openly transparent view into their local government. While government agencies struggle to do more with less, our mission has never been more critical.
Accela provides a robust, cloud-based platform of solutions that increase engagement, improve efficiency and deliver transparency to strengthen communities, called the Accela Civic Platform. Our solutions serve more than 2,200 communities worldwide, including over half of America’s largest cities.”
JPEL : JPEL Private Equity gets cash for Accela stake