Accel-KKR has made an investment in F.W. Davison & Co., which provides software for the human resources industry.
Davison, headquartered in Plymouth, Massachusetts, provides software services to the human resources industry. The investment should help the company broaden its cloud-based platform, HRPyramid, and expand customer support and service. The company plans to enhance its next-generation software-as-a-service version of HRPyramid, which is in beta.
Accel-KKR, headquartered in Menlo Park, California, closed a $325 million fund in March. The firm was started in 2000 by private equity firms Accel Partners and Kohlberg Kravis Roberts & Co. LP (NYSE: KKR). In January, the firm sold Kana Software Inc. for $514 million to Verint Systems Inc. (Nasdaq: VRNT).
KeyBanc Capital Markets Inc. served as Davison's financial for the deal.
Private equity firms have been showing more interest in software lately as the industry shifts towards a cloud-based sharing model. For more, see Plugging Into Software.