Culmination of Category Leadership Strategy in 3D Modeling Geosciences Technology
Accel-KKR, a leading technology-focused investment firm with over $10 billion in capital commitments, announced that it has completed the sale of its majority interest in Seequent, a leader in software for geological and geophysical modeling, geotechnical stability, and cloud services for geodata management, visibility, and collaboration, to Bentley Systems, Incorporated, the infrastructure engineering software company, for $900 million in cash considerations and approximately 3.1 million shares of BSY (approximately $200 million in value). The transaction was first announced in March 2021.
Accel-KKR made a growth equity investment in Seequent in September 2018, and supported the company in its acquisition of Geosoft in the first 100 days of the investment, adding subsurface geophysics and data technology to Seequent’s geological modeling suite. In October 2019, Seequent acquired Canadian-based GEOSLOPE, a leading geotechnical software company, to expand Seequent’s solutions to improve overall engineering and design workflows for its client base. Accel-KKR was awarded the 2019 “Investor of the Year” for its investment in Seequent by the American Chamber of Commerce in New Zealand.
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Shaun Maloney, CEO of Seequent, led the capital raise with Accel-KKR in 2018, oversaw Seequent’s growth during AKKR’s investment period and was instrumental in its eventual sale to Bentley Systems.
Shaun Maloney said, “We have met many potential investors over the years. Accel-KKR rose to the top because of its approach to partnering with management and rolling up its sleeves to help us achieve our full potential. They were true to their word, and the company grew rapidly through innovative product solutions and market expansions. Looking ahead, Seequent is poised to do even more great things within Bentley’s ecosystem.”
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“With a strong management team driven by a clear vision, Seequent rapidly built itself into a global tech leader that enables better decisions about earth environment and energy challenges,” said Dean Jacobson, Managing Director of Accel-KKR.
Tom Barnds, Managing Partner of Accel-KKR, added, “Our firm was able to fuel their growth with capital and strategic assistance especially in the areas of inorganic growth, and we are proud of the results we accomplished together. We couldn’t be more pleased with the outcome for the entire Seequent team, and we thank Shaun for being an outstanding partner from day one.”
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