European private equity firm Cinven has taken a stake in eProcurement technology firm JAGGAER that is said to value the company at about $1.5 billion.
Cinven issued a statement on Monday (July 8) announcing plans to acquire a stake in JAGGAER along with existing shareholder Accel-KKR, reports in Bloomberg said Tuesday (July 9). Unnamed sources told the publication that the agreement values JAGGAER at $1.5 billion, including debt. Financial terms of the agreement have not yet been publicly announced, Bloomberg noted.
According to Cinven Senior Principal Michael Korzinstone, JAGGAER is strengthening its presence in North America and the EMEA region “with opportunities to buy and build that we will look at thoughtfully going forward.” A spokesperson for the firm did not comment on the valuation, however.
KKR-Accel took JAGGAER (formerly known as SciQuest) private in May 2016 in a deal that valued the company at about $500 million. KKR-Accel later backed JAGGAER’s acquisitions of BravoSolution and Italmobiliare SpA the next year.