Apax Funds Buys ECi Software Solutions as it Transitions to SaaS Cloud Model

Apax Partners advised funds, Apax Funds, has agreed to acquire ECi Software Solutions, a provider of enterprise resource planning (ERP) software. The Fort Worth, Texas-based company, which operates from 11 offices in the U.S., serves small and medium sized businesses (SMBs) across industries including distribution, manufacturing, field services, building and construction. The firm also has three bases in Europe and two in Australia and New Zealand.

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With its new partner, ECi will accelerate its transition to become a total cloud-based, SaaS software provider. At the same time, Apax Funds portfolio company Exact Software will merge its Macola, JobBOSS and MAX businesses with ECi. The U.S.-based segments offer ERP software applications to SMB manufacturers.

The newly formed entity, called ECi Software Solutions, will be head by the existing ECi senior management team, including Chief Executive Officer Ron Books, who has led the company since 2009. ECi’s current owners, The Carlyle Group and Level Equity, will maintain a minority stake in the combined company.

"As one of the largest private SaaS businesses in the world, this transaction will allow us to continue to deliver innovative solutions to our nearly 15,000 customers – expanding our footprint in our current vertical markets and beyond. Adding in Exact’s Macola, JobBOSS and MAX businesses gives ECi an even broader and deeper product suite to fit the ever-changing needs of manufacturers," said Books.

The transactions are slated to close in the third quarter of 2017, subject to customary closing conditions.