Industry software firm Infor acquired by private giant Koch
A lead investor in previous fundi...
Enterprise software company Infor has been acquired by the world’s second largest private company, Koch industries.
A lead investor in previous funding rounds, Koch will now take total control of Infor, which will become a standalone subsidiary. Koch is not known for its technology portfolio, though in 2017 it launched a venture arm known as Koch Disruptive Technologies and claims to have invested $26bn in technology over the past six years. As a private company, it is not known whether that figure includes the reported $13bn it spent on this deal.
"Software is no longer an industry vertical; it is a disruptive layer that is transforming every facet of society," said Jim Hannan, executive vice president and CEO of enterprises for Koch Industries, in a press release. "As a global organization spanning multiple industries across 60 countries, Koch has the resources, knowledge and relationships to help Infor continue to expand its transformative capabilities."
Infor’s business cloud software features industry specific cloud suites in sectors such as manufacturing, distribution, healthcare, the public sector, retail and hospitality - many of the industries in which Koch itself is active.
"Koch's decision to acquire Infor is a strong endorsement of our product strategy and focus on creating innovative solutions for our customers," said Kevin Samuelson, CEO of Infor. "As a subsidiary of a $110 billion+ revenue company that re-invests 90% of earnings back into its businesses, we will be in the unique position to drive digital transformation in the markets we serve. We are rapidly expanding our industry-specific CloudSuites and offering customer experiences and outcomes that are well beyond what is standard in enterprise software."
Subject to the usual approvals, Koch said it expected the deal, which is subject to a definitive agreement, to close in the first half of 2020.