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Phil Duff, Founder and Chairman of SYSPRO, to retire by the end of September
Advent International (“Advent”), one of the world’s largest and most experienced private equity investors, today announced that it has entered into a definitive agreement to invest and 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 established itself as a global leader within its key market verticals, with a purpose-built software suite catering to the most complex customer use cases. This transaction will accelerate SYSPRO’s global growth ambitions, through additional investment to support next generation product and technology innovation to unlock growth opportunities in key markets, including the USA and UK.
Advent is an experienced software investor with investments in ERP, financial and manufacturing software. Recent investments in the sector include Aareon, a European provider of Software-as-a-Service (SaaS) solutions for the property industry; Unit4, a global cloud ERP software vendor; Medius, a global leader in AP automation, B2B payments, sourcing and procurement software; and Prometheus Group*, a global provider of enterprise asset management software. In addition to a 34 year track record in technology investing, Advent brings a depth of experience in the manufacturing and industrial space, having invested $21bn within the sector globally in the last 33 years.
As part of the transaction, Mike Ettling, an experienced software business leader who was previously the President of SAP SuccessFactors and is presently the CEO of Unit4, will join SYSPRO as Chairman of the Board.
Douglas Hallstrom, Director at 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 Jaco and the SYSPRO team in building a long-term global category leader.”
Phil Duff, co-founder of SYSPRO, said, “I have been at the helm of SYSPRO for 46 years and have worked with incredible teams of people, customers, and partners across the globe. As the company enters a new era, I’m confident Advent can foster continued growth and innovation.”
Jaco Maritz, who was appointed CEO of SYSPRO in 2022 and will continue to lead the company, 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.”
Following the transaction, Phil Duff will retire from the company at the end of September 2024. Phil has been the visionary at the helm of SYSPRO since he started the business 46 years ago. Under his stewardship, SYSPRO has grown into a global business that provides customers with critical software to manage and run their businesses more efficiently.
The transaction is expected to close late Q3 pending customary regulatory approvals and closing conditions.
Torch Partners acted as exclusive financial adviser to SYSPRO in the context of this transaction.
Media Contacts
UK
Advent International
Graeme Wilson orHarry Cameron
Tel: +44 (0)20 7353 4200
EMEA
SYSPRO
Carly Simon or Nhlakanipho Zondi
Tel: +27 (82) 508 2209 / +27 (79) 781 5249
US
FGS Global
Zachary Tramonti or Sophia Templin
Tel: +1 212 687-8080
AdventInternational-US@fgsglobal.com
APAC
FTI Consulting
Michelle Lou
Tel: +852 3768 4552
michelle.lou@fticonsulting.com
About Advent International
Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in 420 private equity investments across 43 countries, and as of December 31, 2023, had $94 billion in assets under management.* With 15 offices in 12 countries, Advent has established a globally integrated team of over 300 private equity investment professionals across North America, Europe, Latin America, and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer, and leisure; and technology. For 40 years, Advent has been dedicated to international investing and remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.
For more information, visit
Website: www.adventinternational.com
LinkedIn: www.linkedin.com/company/advent-international
* Assets under management include assets attributable to Advent advisory clients as well as employee and third-party co-investment vehicles.
About SYSPRO
SYSPRO is a leading, global software provider specializing in key manufacturing and distribution industries. For over 40 years, SYSPRO’s team of specialists has continued to address unique industry needs and enable customers to easily adapt and grow. The solution is scalable and can be deployed in the cloud, on-premise, or both, and accessed via the web on any device to provide customers with choice and flexibility.
SYSPRO remains focused on the success of partners and customers. Our evolving solutions are aligned with industry trends to leverage emerging technology that will enable partners and customers in securing a digital future.
With more than 15,000 customers in over 60 countries across six continents – SYSPRO offers guidance and support every step of the way as a trusted digitalization partner.
