Accel-KKR Signs Deal to Sell Majority Stake in Smart Communications to Cinven

Accel-KKR to Sell Majority Interest in Smart Communications to Cinven

Menlo Park, California and London – August 1, 2025
Accel-KKR, a globally recognized private equity firm focusing on software and technology investments, has officially entered into a definitive agreement to sell its majority stake in Smart Communications, a prominent cloud-based enterprise customer communications provider, to the investment firm Cinven. Accel-KKR has decided to keep a minority ownership position in Smart following this transaction, although the precise financial details were not disclosed.

Smart Communications has made a name for itself in the industry with its Conversation Cloud™ platform, designed to cater to regulated enterprises. The platform facilitates personalized and compliant communications, allowing organizations to connect with their customers seamlessly across various channels. Globally, over 650 enterprises, including notable companies like Zurich Insurance, Priority Health, The Pacific Financial Group, and The Bancorp, utilize Smart Communications' technology to streamline intricate processes, mitigate risks, enhance operational productivity, and create secure, customer-centric digital experiences.

Accel-KKR's partnership with Smart Communications began in 2016, right after the latter spun off from Thunderhead and became an independent entity. Over their nine-year collaboration, Smart Communications has seen impressive growth, increasing its revenue by more than five times and solidifying its position as a leader in both Cloud Customer Communications Management (CCM) and Interaction Experience Management (IXM) sectors. Additionally, the company has effectively expanded its operations into new regions, including Australia and several parts of Europe, through three strategic acquisitions during this timeframe.

The co-managing partner at Accel-KKR, Tom Barnds, expressed satisfaction with the progress made by Smart Communications under their guidance, stating: "We have been delighted to work with the outstanding Smart Communications management team as they established it as an independent company and brought innovation to the global CCM and IXM markets through accelerated investment in R&D, the launch of new products, and by entering into new geographic markets". Although this agreement involves the sale of a majority stake to Cinven, Accel-KKR is keen on maintaining its involvement in Smart’s long-term ambitions through its continuing minority stake.

This transaction marks Accel-KKR's fourth successful exit of over $1 billion in Europe, building on its accomplished sales in previous years involving Kerridge Commercial Systems, JAGGAER, and Episerver. Maurice Hernandez, Managing Director at Accel-KKR, remarked that he believes Cinven will be an excellent partner for Smart Communications, citing their successful history with other companies the firm has invested in, such as JAGGAER and One.com.

Since its inception, Accel-KKR has been actively investing in European software companies, with nearly 90 investments and acquisitions under its belt, positioning itself as one of the most dynamic private equity software investors in the region. Other prominent software firms in Accel-KKR's portfolio include NAVTOR, Reapit, Basware, Kantata, and Symfonia.

Leigh Segall, CEO of Smart Communications, praised the partnership with Accel-KKR, saying: "From day one, Accel-KKR has been an exceptional partner—supportive, strategic, and deeply invested in our success. Together we've built an industry-defining platform, enduring relationships with customers and partners, and an extraordinarily talented team of employees". With a solid foundation already laid down, she expressed enthusiasm about the future collaboration with Cinven as they embark on the next chapter of growth together.

As the deal awaits customary regulatory approvals and closing conditions, Smart Communications is set on continuing its mission to modernize complex customer engagement processes for regulated enterprises, thereby enhancing customer experiences through its integrated platform. As a testament to its reliability, the Conversation Cloud™ platform connects seamlessly with several leading enterprise systems like Salesforce, Guidewire, DuckCreek, OneSpan, and Pega, effectively orchestrating billions of critical customer interactions worldwide.

In summary, this acquisition stands as a strategic move by both Accel-KKR and Cinven, paving the way for further innovation and growth within Smart Communications in the subsequent years.