KKR Completes Majority Investment in apexanalytix Alongside Carousel Capital

KKR has acquired a majority stake in apexanalytix, a leader in supply chain risk management software.

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07/25/2022 - 04:15 PM

NEW YORK & GREENSBORO, N.C.--(BUSINESS WIRE)-- KKR, a leading global investment firm, and apexanalytix® (“apex” or the “Company”), a leading provider of supply chain risk management software and services, today announced the completion of KKR’s purchase of a majority stake in the Company. Following the purchase, apex’s largest prior shareholder, Carousel Capital (“Carousel”), a private investment firm that invests in companies located in the Southeastern United States, continues to hold a significant minority stake in the Company alongside KKR.

apex is a pioneer in the supply chain software, data, and analytics markets with data-powered software and services for supplier management, fraud prevention, and overpayment recovery. The Company serves over 250 Fortune 500 and Forbes Global 2000 companies, protecting more than $8 trillion of annual spend across many of the world’s most complex supply chains. apex’s solutions help prevent and recover more than $8 billion for the Company’s customers every year. apex’s leading suite of products includes its revolutionary overpayment and fraud prevention software, firststrike, as well as its supplier management platform, apexportal, and smartvm, which provides a compliant master data management solution in global procure-to-pay processes.

“We are so pleased to welcome KKR as our largest shareholder and a tremendous new strategic partner to help us accelerate our mission of being the ultimate supplier information, risk and opportunity management solution for the world’s largest companies,” said Steve Yurko, CEO of apex.

Akhilesh Agarwal, COO of apex’s Global P2P Solutions and Technology, said, “We are excited about how KKR’s global presence, technical expertise and supply chain technology solution experience will help us better address the needs of our customers, partners and associates.” Phil Beane, COO of apex’s Global Transaction Compliance Solutions, added, “Our apex associates and leaders are also thrilled about how well KKR’s culture matches ours, including their support of our associates’ ongoing participation in the equity growth of the company.”

“apex provides a powerful platform to help enterprise organizations address some of the most pressing challenges facing supply chains today. The team at apex has built a truly innovative solution to help some of the world’s largest businesses, with the most complex of supply chain operations, reduce risk and increase efficiency,” said Webster Chua, Partner at KKR. “We are excited to work with the exceptional team at apex as they continue delivering best-in-class solutions to customers around the world.”

“Over the past eight years, we have enjoyed working with apex and its management team to build the leading technology and services solution to address the complex supply chain management needs of enterprise customers,” said Charles Grigg, Managing Partner of Carousel Capital. “We are excited that KKR is investing as apex’s new strategic partner which will allow the company to continue to accelerate the measurable value delivered to its customers. And we are thrilled that we will continue as an equity partner and be able to contribute to the future growth initiatives of this incredible business.”

KKR made the investment through its North America Fund XIII. Carousel initially invested in apex in 2014 out of its fourth fund and in 2020 sponsored a recapitalization of the business through a single asset continuation fund and its fifth fund. Financial terms of the transaction were not disclosed.

UBS Investment Bank and Kirkland & Ellis served as advisors to KKR. William Blair and KL Gates served as advisors to apex and Carousel.

About apexanalytix

apexanalytix revolutionized recovery audit with advanced analytics and the introduction of firststrike overpayment and fraud prevention software. Today, apex also leads the world in supplier management innovation with apexportal® and smartvm®, now the most widely used supplier onboarding and compliant master data management solution in global procure-to-pay processes. With over 250 clients in the Fortune 500 and Global 2000, apex provides companies and their suppliers with the ultimate supplier management experience.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life, and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

About Carousel Capital

Based in Charlotte, North Carolina, Carousel Capital is a private investment firm that invests in companies located in the Southeastern United States. Carousel’s investor base includes institutional investors and an elite group of more than 100 current and former CEOs with deep connections in the region. Since its inception in 1996, Carousel has invested in 48 companies primarily in three targeted growth sectors: business services; consumer services; and healthcare services.