Advent International, one of the world’s largest and most experienced private equity investors, has entered into a definitive agreement to acquire a majority ownership stake in SYSPRO, a leading global ERP software provider for the manufacturing and distribution industries. Founded in 1978, SYSPRO currently employs around 400 people globally and serves customers across six continents with headquarters in the UK and South Africa.
SYSPRO has become a global leader within its key market verticals with a purpose-built software suite catering to the most complex customer needs. This transaction will accelerate SYSPRO’s global growth ambitions through additional investment supporting next-generation product and technology innovation and unlocking growth opportunities in key markets including the USA and UK.
Jaco Maritz, appointed CEO of SYSPRO in 2022, will continue to lead the company. Commenting on the new partnership, he said: “This partnership not only validates our strategic realignment but also provides us with the resources and expertise to further strengthen our position in the global market. We are excited about the opportunities this collaboration will bring and remain committed to delivering exceptional manufacturing and distribution software solutions to our customers worldwide”.
As part of the transaction, Mike Ettling, an experienced software business leader who was president of SAP SuccessFactors and is now CEO of Unit4, will join SYSPRO as chairman of the board.
Advent is an experienced software investor, with investments in ERP, financial and manufacturing software, bringing depth of experience into the manufacturing and industrial space. For the past 33 years, the company has invested US$21 billion within the sector globally.
Douglas Hallstrom, director of Advent International, said: “We have been following SYSPRO for some time and are delighted to support the company into a new phase of ambitious innovation and growth acceleration”. Christian Braunfisch, assistant director at Advent International, added: “It is unique to find an established business like SYSPRO with such meaningful potential for further growth. We are excited to bring Advent’s expertise in enterprise application software to support the SYSPRO team in building a long-term global category leader”.
Phil Duff, who has been the visionary at the helm of SYSPRO since he started the business 46 years ago, will retire from the company at the end of September 2024. Under his stewardship, SYSPRO has grown into a global business that provides customers with critical software that enables business operations more efficiently.
The transaction is expected to close late Q3 pending customary regulatory approvals and closing conditions.
