Menlo Park, Calif., London, UK & Warsaw, Poland, June 29, 2023 – Symfonia, a leading provider of accounting, payroll and ERP software solutions, today announced the signing of a growth buyout investment from Accel-KKR, a leading global software-focused investment firm. Upon completion of the transaction, Accel-KKR will join current investor MidEuropa as backers of Symfonia. This investment will mark over 70 investments in Europe and 350+ across the globe for Accel-KKR. Financial terms of this transaction were not disclosed.
Symfonia is one of the leading providers of financial management, payroll and ERP software to accounting offices and small- and medium-sized enterprises (SMEs) in Poland. This investment will enable Symfonia to build on its existing leadership position and strong brand equity in Poland to become a Central and Eastern European (CEE) regional leader by accelerating organic growth plans and expanding upon a successful M&A strategy. Since its origin over 25 years ago as a business unit in and subsequent carveout from Sage Group plc in March 2021 led by MidEuropa, Symfonia has supported the digital transformation of thousands of Polish SMEs. Today, a loyal customer base of over 50,000 SMEs across Poland rely on Symfonia daily for mission-critical business software.
“I am incredibly proud of what our Symfonia team has accomplished with the support of MidEuropa in establishing our independence and cementing our market leadership. I believe the success that we achieved in just two years is a phenomenon in the Polish technology market,” said Piotr Ciski, CEO of Symfonia. “We’re just getting started: we have ambitious plans, and with the global experience, software domain expertise and M&A depth that Accel-KKR brings to the table, we believe we can expand our leadership in and beyond Poland even more quickly and effectively.”
“Symfonia has proven itself to be a dynamic force in the Polish technology market, thanks to a capable management team, and talented employee base,” said Maurice Hernandez, Managing Director of Accel-KKR. “We appreciate the trust and partnership that Symfonia and MidEuropa have placed in us as the incoming lead investor, and we look forward to bringing Accel-KKR’s deep software expertise and global growth experience to Symfonia’s next phase of growth.”
Adam Malinowski, Principal at Accel-KKR, added, “We see tremendous potential in Symfonia, and we look forward to bringing our resources to support Symfonia’s vision in becoming a business software champion for SMEs in the CEE region.”
Goodwin and Kirkland & Ellis are acting as legal advisors on the acquisition and the debt financing, respectively, to Accel-KKR while Vienna Capital Partners is acting as financial advisor to Accel-KKR.
The transaction is subject to customary regulatory and antitrust approvals.
Source: Accel-KKR, June 29, 2023